Credit Cyclicality in Chile; A Cross-Country Analysis
This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global liquidity, and global risk appetite. The paper uses both country-specific VARs for cross-country analyses and panel VARs to compare impulse responses between various country groupings. The study finds evidence that financial development-especially stronger creditor rights-can mitigate credit cyclicality, given that the response of credit to output or terms of trade shocks is stronger in countries with weaker financial systems.
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- Micco, Alejandro & Panizza, Ugo, 2006.
"Bank ownership and lending behavior,"
Elsevier, vol. 93(2), pages 248-254, November.
- Alejandro Micco & Ugo Panizza, 2004. "Bank Ownership and Lending Behavior," Research Department Publications 4385, Inter-American Development Bank, Research Department.
- Alejandro Micco & Ugo Panizza, 2006. "Bank Ownership and Lending Behavior," Working Papers Central Bank of Chile 369, Central Bank of Chile.
- Micco, Alejandro & Panizza, Ugo, 2006. "Bank Ownership and Lending Behavior," POLIS Working Papers 61, Institute of Public Policy and Public Choice - POLIS.
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- Simeon Djankov & Caralee McLiesh & Andrei Shleifer, 2005. "Private Credit in 129 Countries," NBER Working Papers 11078, National Bureau of Economic Research, Inc.
- Shleifer, Andrei & Djankov, Simeon & McLiesh, Caralee, 2007. "Private credit in 129 countries?," Scholarly Articles 27867134, Harvard University Department of Economics.
- Matías Braun & Borja Larrain, 2005. "Finance and the Business Cycle: International, Inter-Industry Evidence," Journal of Finance, American Finance Association, vol. 60(3), pages 1097-1128, 06.
- Matias Braun & Borja Larrain, 2004. "Finance and the Business Cycle: International, Inter-industry Evidence," Finance 0403001, EconWPA.
- Love, Inessa & Zicchino, Lea, 2006. "Financial development and dynamic investment behavior: Evidence from panel VAR," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(2), pages 190-210, May.
- Arturo Galindo & Alejandro Micco, 2001. "Creditor Protection and Financial Cycles," IDB Publications (Working Papers) 6481, Inter-American Development Bank.
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