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Wpływ akceleratora finansowego na przebieg wahań koniunkturalnych [ Impact of Financial Accelerator on Business Cycle Fluctuations ]

  • Marek Lubiński

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    W opracowaniu przedstawiono wpływ deflacji długu, akceleratora finansowego i nowego akceleratora finansowego na przebieg wahańkoniunkturalnych. Wskazano, Ŝe czynniki te pogłębiająfluktuacje koniunkturalne generowane przez szoki egzogeniczne o róŜnym podłoŜu. W analizie akceleratora finansowego wersja kanoniczna została uzupełniona o późniejsze ustalenia, uwzględniające między innymi niejednorodność podmiotów gospodarujących. JeŜeli akcelerator finansowy odnosił się do relacji między bankami i kredytobiorcami to nowy akcelerator finansowy bada przyczyny cykliczności polityki kredytowej banków, związanej przede wszystkim ze zmienną koniunkturalnie skłonnościąbanków do ponoszenia ryzyka. [ The research paper presents the impact of financial accelerator and new financial accelerator, interconnected by debt deflation, on fluctuations in business cycle. It has been indicated in the paper that these factors deepen business cycle fluctuations generated by egzogenic shocks of varied background.In the analysis of the financial accelerator the canon version has been made complete with further findings concerning, i.e. each of homogeneity of entities. Given the financial accelerator concerned relations between banks and debtor, the new financial accelerator examines the problem area of reasons for cyclical character of bank credit policy, connected mainly with business cycle driven tendency of banksto bearing the risk. ]

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    Article provided by Instytut Rozwoju Gospodarczego (SGH) in its journal Prace i Materiały Instytutu Rozwoju Gospodarczego.

    Volume (Year): 88 (2012)
    Issue (Month): 1 ()
    Pages: 63-84

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    Handle: RePEc:wsd:irgpim:v:88:y:2012:i:1:p:63-84
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    1. Guido Lorenzoni, 2007. "Inefficient Credit Booms," NBER Working Papers 13639, National Bureau of Economic Research, Inc.
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    9. Claudio Borio & Craig Furfine & Philip Lowe, 2001. "Procyclicality of the financial system and financial stability: issues and policy options," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 1-57 Bank for International Settlements.
    10. Philippe BACCHETTA & CRamon CAMINAL, 1996. "Do Capital Market Imperfections Exacerbate Output Fluctuations ?," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9612, Université de Lausanne, Faculté des HEC, DEEP.
    11. Giovanni Favara, 2012. "Agency Problems and Endogenous Investment Fluctuations," Review of Financial Studies, Society for Financial Studies, vol. 25(7), pages 2301-2342.
    12. Philippe Aghion & George-Marios Angeletos & Abhijit Banerjee & Kalina Manova, 2005. "Volatility and Growth: Credit Constraints and Productivity-Enhancing Investment," NBER Working Papers 11349, National Bureau of Economic Research, Inc.
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    14. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September.
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