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Frontiers of macrofinancial linkages

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  • Stijn Claessens
  • M Ayhan Kose

Abstract

The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing our understanding of macrofinancial linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of how sharp fluctuations in asset prices, credit and capital flows can have dramatic impact on the financial positions of households, corporations and sovereign nations. As fluctuations were amplified, the global financial system was brought to the brink of collapse and the deepest contraction in world output in more than half a century followed. Moreover, unprecedented challenges for fiscal, monetary and financial regulatory policies resulted. The crisis revived an old debate in the economics profession about the importance of macrofinancial linkages. Some argue that the crisis was a painful reminder of our limited knowledge of these linkages. Others claim that the profession had already made substantial progress in understanding them but that there was too much emphasis on narrow approaches and modelling choices. Yet, most also recognise that the absence of a unifying framework to study these two-way interactions has limited the practical applications of existing knowledge and impeded the formulation of policies. With these observations in mind, this paper presents a systematic review of the rapidly expanding literature on macrofinancial linkages. It first surveys the literature on the linkages between asset prices and macroeconomic outcomes. It then reviews the literature on the macroeconomic implications of financial imperfections. It also examines the global dimensions of macrofinancial linkages and documents the main stylized facts about the linkages between the real economy and the financial sector. The topic of macrofinancial linkages promises to remain an exciting area of research, given the many open questions and significant policy interest. The paper concludes with a discussion of possible directions for future research, stressing the need for richer theoretical models, more robust empirical work and better quality data so as to advance knowledge and help guide policymakers going forward.

Suggested Citation

  • Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, 12-2019.
  • Handle: RePEc:bis:bisbps:95
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    3. Emanuel Kohlscheen & Aaron Mehrotra & Dubravko Mihaljek, 2018. "Residential investment and economic activity: evidence from the past five decades," BIS Working Papers 726, Bank for International Settlements.
    4. Kouretas, Georgios P. & Pawłowska, Małgorzata & Szafrański, Grzegorz, 2020. "Market structure and credit procyclicality: Lessons from loan markets in the European Union banking sectors," Economic Modelling, Elsevier, vol. 93(C), pages 27-50.
    5. Claudio Borio & Piti Disyatat & Mikael Juselius & Phurichai Rungcharoenkitkul, 2018. "La política monetaria cercada por un movimiento de pinzas," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 21(2), pages 004-044, August.
    6. Velimir Bole & Miha Dominko & Ada Guštin Habuš & Janez Prašnikar, 2019. "Countries Of Former Yugoslavia: Periphery Vs. Super-Periphery In The Great Recession And Beyond," Economic Annals, Faculty of Economics, University of Belgrade, vol. 64(223), pages 11-38, October –.
    7. Dieppe,Alistair Matthew & Kilic Celik,Sinem & Okou,Cedric Iltis Finafa, 2020. "Implications of Major Adverse Events on Productivity," Policy Research Working Paper Series 9411, The World Bank.
    8. Misha van Beek, 2020. "Consistent Calibration of Economic Scenario Generators: The Case for Conditional Simulation," Papers 2004.09042, arXiv.org.
    9. Fuad Ganbarov & Klaudia Smoląg & Rashad Muradov & Konul Aghayeva & Rumella Jafarova & Yashar Mammadov, 2020. "Sustainable Development of the Mortgage Market in Azerbaijan: Commercial Risks of Housing Construction, Social Vision, and State Influence," Sustainability, MDPI, Open Access Journal, vol. 12(12), pages 1-1, June.
    10. Nitzan Tzur-Ilan, 2019. "Macroprudential Policy: Implementation, Effects, And Lessons," Israel Economic Review, Bank of Israel, vol. 17(1), pages 39-71.

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