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Financial market globalization, nonconvergence and credit cycles
Ho,Wai Hong
2017-07-08
Source PublicationAnnals of Finance
ISSN16142446
Volume13Issue:2Pages:153-180
Abstract

This paper explores the dynamic consequences of variable investment-project size in a global economy consisting of many small open countries that are plagued with domestic credit market frictions. As is customary in the literature, borrowers provide some internal funds, but they also need external funds to implement their investment projects, which are subject to the costly-state-verification problem. Contrary to the literature, the investment-project size increases with the country’s own capital stock. We find that financial market globalization may lead to a process of oscillatory convergence, even in the absence of any exogenous shocks, if the investment-project size is very sensitive to the change in capital stock.

KeywordCostly-state-verification Credit Market Imperfection Cycles Symmetry-breaking
DOI10.1007/s10436-017-0293-0
URLView the original
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectBusiness, Finance
WOS IDWOS:000411075900002
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Document TypeJournal article
CollectionDEPARTMENT OF ECONOMICS
AffiliationDepartment of EconomicsFaculty of Social SciencesUniversity of Macau,Macao
First Author AffilicationFaculty of Social Sciences
Recommended Citation
GB/T 7714
Ho,Wai Hong. Financial market globalization, nonconvergence and credit cycles[J]. Annals of Finance,2017,13(2):153-180.
APA Ho,Wai Hong.(2017).Financial market globalization, nonconvergence and credit cycles.Annals of Finance,13(2),153-180.
MLA Ho,Wai Hong."Financial market globalization, nonconvergence and credit cycles".Annals of Finance 13.2(2017):153-180.
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