Financial regulation, financial globalization, and the synchronization of economic activity
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- dc.contributor.author Kalemli-Özcan, Şebnem
- dc.contributor.author Papaioannou, Elias
- dc.contributor.author Peydró, José-Luis
- dc.date.accessioned 2020-01-13T09:11:01Z
- dc.date.available 2020-01-13T09:11:01Z
- dc.date.issued 2013
- dc.description Includes supplementary materials: Internet appendix for “Value and momentum everywhere”
- dc.description.abstract We analyze the impact of financial globalization on business cycle synchronization using a proprietary database on banks’ international exposure for industrialized countries during 1978 to 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral time‐varying financial linkages data. In contrast to conventional wisdom and previous empirical studies, we identify a strong negative effect of banking integration on output synchronization, conditional on global shocks and country‐pair heterogeneity. Similarly, we show divergent economic activity due to higher integration using an exogenous de‐jure measure of integration based on financial regulations that harmonized EU markets.
- dc.format.mimetype application/pdf
- dc.identifier.citation Kalemli‐Özcan S, Papaioannou E, Peydró JL. Financial regulation, financial globalization, and the synchronization of economic activity. J Financ. 2013 Jun;68(3):1179-228. DOI: 10.1111/jofi.12025
- dc.identifier.doi http://dx.doi.org/10.1111/jofi.12025
- dc.identifier.issn 0022-1082
- dc.identifier.uri http://hdl.handle.net/10230/43264
- dc.language.iso eng
- dc.publisher Wiley
- dc.relation.ispartof Journal of Finance. 2013 Jun;68(3):1179-228
- dc.rights This is the peer reviewed version of the following article: Kalemli‐Özcan S, Papaioannou E, Peydró J-L. Financial regulation, financial globalization, and the synchronization of economic activity. J Financ. 2013 Jun;68(3):1179-228, which has been published in final form at https://doi.org/10.1111/jofi.12025. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.subject.keyword Banking Integration
- dc.subject.keyword Co-movement
- dc.subject.keyword Contagion
- dc.subject.keyword Fluctuations
- dc.subject.keyword Finance
- dc.title Financial regulation, financial globalization, and the synchronization of economic activity
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/acceptedVersion