scholarly journals Business Cycles and Monetary Regimes in Emerging Economies: A Role for a Monopolistic Banking Sector

2009 ◽  
Author(s):  
Federico Mandelman
Keyword(s):  
Business Cycles ◽  
Emerging Economies ◽  
Banking Sector ◽  
Monetary Regimes

scholarly journals Interest Rates, Leverage, and Business Cycles in Emerging Economies: The Role of Financial Frictions

2015 ◽  
Vol 7 (3) ◽  
pp. 153-188 ◽  
Author(s):  
Andrés Fernández ◽  
Adam Gulan
Keyword(s):  
Business Cycles ◽  
Interest Rates ◽  
Open Economy ◽  
Emerging Economies ◽  
Financial Frictions ◽  
Small Open Economy ◽  
Financial Data ◽  
Cycle Model ◽  
Business Cycle Model

Countercyclical country interest rates have been shown to be an important characteristic of business cycles in emerging markets. In this paper we provide a microfounded rationale for this pattern by linking interest rate spreads to the dynamics of corporate leverage. For this purpose we embed a financial accelerator into a business cycle model of a small open economy and estimate it on a novel panel dataset for emerging economies that merges macroeconomic and financial data. The model accounts well for the empirically observed countercyclicality of interest rates and leverage, as well as for other stylized facts. (JEL E13, E32, E43, E44, F41, O11)

Banking sector development and interest rate volatility in emerging economies

2015 ◽  
Vol 47 (17) ◽  
pp. 1739-1747 ◽  
Author(s):  
Massomeh Hajilee ◽  
Omar M. Al Nasser ◽  
Gladys H. Perez
Keyword(s):  
Interest Rate ◽  
Emerging Economies ◽  
Banking Sector ◽  
Interest Rate Volatility ◽  
Banking Sector Development

scholarly journals The Business Cycle and Cycles in The Banking Sector in The Polish Economy in The Years 2000‒2017

2018 ◽  
Vol 18 (2) ◽  
pp. 106-120
Author(s):  
Ryszard Barczyk
Keyword(s):  
Business Cycles ◽  
Central Bank ◽  
Commercial Banks ◽  
Banking Sector ◽  
Theoretical Hypothesis ◽  
The Business Cycle ◽  
Polish Economy ◽  
General Business ◽  
The Empirical Analysis ◽  
Over Time

Abstract Apart from general business cycles, market economies are characterized by their specific cycles, which also include banking cycles. Fluctuations whose sequence over time creates the banking cycles are absolute or/and relative changes in the activity of banks, manifested in the form of oscillations in the supply of money and bank credits granted for investment or consumption purposes. The aim of this article is to analyze the influence of general business cycles on changes in the activity of the central bank and commercial banks, and to examine a returnable relationship between banking activities and business cycles. The paper consists of two parts. The first one presents a theoretical hypothesis connected with the analyzed relations. The second part contains the results of the empirical analysis of the morphology of the cycles identified in the Polish economy. In the process of identifying the cycles under analysis, the concept of deviation cycles was taken into account. Deseasonalization was conducted using the Tramo/Seats procedure as part of the Demetra 2.0 package, and in the process of isolating cycles, the Hodrick-Prescott filter was accepted.

scholarly journals Pakistan, Politics and Political Business Cycles

2012 ◽  
Vol 51 (2) ◽  
pp. 153-166
Author(s):  
Gernot Sieg ◽  
Irem Batool
Keyword(s):  
Business Cycles ◽  
Budget Deficit ◽  
Banking Sector ◽  
Dynamic Behaviour ◽  
Jel Classification ◽  
Price Regulation ◽  
Gdp Growth ◽  
Political Business Cycles ◽  
Real Gdp ◽  
Investment Growth

This paper studies whether in Pakistan the dynamic behaviour of unemployment, inflation, budget deficit and real GDP growth is systematically affected by the timing of elections. We cover the period from 1973-2009. Our results can be summarised as follows: (1) Unemployment tends to be lower in pre-election periods and tends to increase immediately after elections, perhaps as a result of politically motivated employment schemes. (2) Inflation tends to be lower in pre-election periods, perhaps as a result of pre-electoral price regulation. (3) We find increase in the governmental budget deficit, financed by heavy government borrowings from the central bank and banking sector during election year. (4) Real GDP growth and real governmental investment growth declines during pre and post election terms possibly as a result of inefficient resource allocation. JEL Classification: D72, D78, H50, H61, E51 Keywords: Opportunistic Political Business Cycle, Fiscal Policy, Macroeconomics, Elections, Pakistan

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