Financial Stress and Economic Activity

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BDDK Bankacılık ve Finansal Piyasalar Dergisi
Volume:2 Issue:2
Financial Stress and Economic Activity

Financial Stress and Economic Activity

Authors : Stijn CLAESSENS, M Ayhan KÖSE, Marco E TERRONES

Pages : 11-24

View : 84 | Download : 15

Publication Date : 2008-12-01

Article Type : Research Paper

Abstract :This paper briefly summarizes the results presented in Claessens, Köse and Terrones (2008a, 2008b) to provide a set of basic stylized facts about the linkages between macroeconomic and financial variables during recessions and episodes of financial stress, including the periods of credit crunches and asset (house and equity) price busts. The analysis employs a comprehensive database of key macroeconomic and financial variables for 21 OECD countries over the 1960-2007 period. The results indicate that recessions following periods of financial stress are often longer and deeper than other recessions are. The paper concludes with a short discussion of the implications of its findings for the current crisis.
Keywords : Finansal Stres Dönemleri, Ekonomik Aktivite, İş Çevrimleri

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