https://mpra.ub.uni-muenchen.de/id/eprint/4954 2019-10-04T16:29:59Z info:eu-repo/semantics/descriptiveMetadata https://mpra.ub.uni-muenchen.de/4954/ Capital Market Development, Frequency of Recession, and Fraction of Time the Economy in Recession Tharavanij, Piyapas G00 - General G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages E44 - Financial Markets and the Macroeconomy E32 - Business Fluctuations ; Cycles C35 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions C33 - Panel Data Models ; Spatio-temporal Models This paper investigates the effect of capital market development on the frequency of recession and the fraction of time the economy in recession using quarterly data of thirty-five countries from 1975 to 2004. 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. This implies that countries with more advanced capital market would tend to spend lower proportion of time in recession, though the marginal effect is small. 2007-09-09 MPRA Paper NonPeerReviewed application/pdf en https://mpra.ub.uni-muenchen.de/4954/1/MPRA_paper_4954.pdf Tharavanij, Piyapas (2007): Capital Market Development, Frequency of Recession, and Fraction of Time the Economy in Recession. en info:eu-repo/semantics/objectFile info:eu-repo/semantics/humanStartPage