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| Tekijä: | Kroszner, R.S. Laeven, L. Klingebiel, D. |
| Otsikko: | Banking crises, financial dependence, and growth |
| Lehti: | Journal of Financial Economics
2007 : APR, VOL. 84:1, p. 187-228 |
| Asiasana: | financial crises banking credit growth |
| Vapaa asiasana: | financial systems |
| Kieli: | eng |
| Tiivistelmä: | This paper contributes to the literature analyzing the mechanisms linking financial shocks and real activity. Especially, examined is the growth impact of banking crises on industries with different levels of dependence on external finance. Based on data from 38 (developed and developing) countries having experienced financial crises during the last quarter century, it is found that the sectors highly dependent on external finance tend to experience a substantially greater contraction of value added during a banking crisis in countries with deeper financial systems (here as: fin-sts.) than in countries with shallower fin-sts. However, the results do not suggest that on net the externally dependent firms fare worse in deep fin-sts. |
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