Cardarelli, Roberto
[Verfasser:in]
;
Elekdag, Selim Ali
[Sonstige Person, Familie und Körperschaft];
Lall, Subir
[Sonstige Person, Familie und Körperschaft]
Erschienen in:IMF Working Papers, Vol. , pp. 1-58, 2009
Umfang:
1 Online-Ressource (60 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1405586
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2009 erstellt
Beschreibung:
This paper examines why some financial stress episodes lead to economic downturns. The paper identifies episodes of financial turmoil using a financial stress index (FSI), and proposes an analytical framework to assess the impact of financial stress - in particular banking distress - on the real economy. It concludes that financial turmoil characterized by banking distress is more likely to be associated with severe and protracted downturns than stress mainly in securities or foreign exchange markets. Economies with more arms-length financial systems appear to be particularly vulnerable to sharp contractions, due to the greater procyclicality of leverage in their banking systems