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Dynamic Effects of Financial Intermediation over the Business Cycle

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  • Scotese, Carol Lehr
  • Wang, Ping

Abstract

This paper provides a empirical evidence that the financial intermediation disturbances can generate business cycles. We examine three countries whose financial sectors are fully developed but quite distinct in their institutional and regulatory circumstances; thus, we can infer whether financial intermediation disturbances differ across dissimilar financial environments. We find that the dynamic responses of output to financial intermediation shocks exhibit similar patterns in all cases studied. However, the various institutional and regulatory circumstances have generated different propagation mechanisms transmitting the financial disturbance to output in ways that lead the magnitudes of the responses to deviate across economies. Copyright 2000 by Oxford University Press.

Suggested Citation

  • Scotese, Carol Lehr & Wang, Ping, 2000. "Dynamic Effects of Financial Intermediation over the Business Cycle," Economic Inquiry, Western Economic Association International, vol. 38(1), pages 34-57, January.
    • Handle: RePEc:oup:ecinqu:v:38:y:2000:i:1:p:34-57
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    Cited by:

    1. Jiang, Neville & Wang, Ping & Wu, Haibin, 2010. "Ability-heterogeneity, entrepreneurship, and economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 522-541, March.
    2. Carol Scotese Lehr, 2001. "Banks and Output Fluctuations," Working Papers 0101, VCU School of Business, Department of Economics.

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