Tharavanij, Piyapas (2007): Capital Market, Frequency of Recession, and Fraction of Time the Economy in Recession.
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This paper investigates the relationships of capital markets, frequency of recession, and fraction of time the economy is in recession. The main finding is that frequency of recession is not robustly linked to measures of capital market development. However, the fraction of time the economy spends in recession is significantly related to capital market development, though the marginal effect is small. This implies that countries with more advanced capital markets would tend to spend lower proportion of time in recession. Results are generated using quarterly data of thirty-five countries from 1975 to 2004.
|Item Type:||MPRA Paper|
|Institution:||Monash University, Dept. of Economics|
|Original Title:||Capital Market, Frequency of Recession, and Fraction of Time the Economy in Recession|
|Keywords:||business cycle; capital market; financial development; financial structure; panel data; market-based; bank-based|
|Subjects:||C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models; Multiple Variables > C33 - Models with Panel Data; Longitudinal Data; Spatial Time Series
E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy
G - Financial Economics > G0 - General > G00 - General
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles
C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models; Multiple Variables > C35 - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
|Depositing User:||Piyapas Tharavanij|
|Date Deposited:||07. Oct 2007|
|Last Modified:||18. Feb 2013 15:44|
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Capital Market Development, Frequency of Recession, and Fraction of Time the Economy in Recession. (deposited 18. Sep 2007)
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