Business cycles in a small open economy with a banking sector

This paper studies the interest-rate-driven business cycles of a small open economy (SOE). For than end a costly operated banking system is added to the standard real-business-cycles model. Banks are the only domestic agents considered worthy of credit in international capital markets. They borrow f...

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Autor principal: Oviedo, Pedro Marcelo
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2001
Materias:
Ciencias Económicas
dinero bancario
ciclo económico
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/3781
http://www.depeco.econo.unlp.edu.ar/jemi/2001/trabajo9.pdf
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-3781
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
dinero bancario
ciclo económico
spellingShingle Ciencias Económicas
dinero bancario
ciclo económico
Oviedo, Pedro Marcelo
Business cycles in a small open economy with a banking sector
topic_facet Ciencias Económicas
dinero bancario
ciclo económico
description This paper studies the interest-rate-driven business cycles of a small open economy (SOE). For than end a costly operated banking system is added to the standard real-business-cycles model. Banks are the only domestic agents considered worthy of credit in international capital markets. They borrow from the rest of the world and lend domestically in a competitive credit market. Existent quantitative models of business cycles in SOE's indicate that interest-rate shocks are unable to cast the kind of output variability produced by productivity or terms-of-trade shocks. Contrary to this finding, it seems that the macroeconomic performances of several SOE's are tightly related to international interest rates and capital flows. Neumeyer and Perri (1999) points out that the introduction of working capital needs may close the gap between the standard model's predictions and the observed consequences of interest-rate shocks. This paper shows that a more careful analysis of the microfoundations of working capital may give rise to an intermediate position where working capital matters in explaining output fluctuations, but not as much as Neumayer and Perri suggest. For that end, the model is calibrated to the Argentinean economy.
format Objeto de conferencia
Objeto de conferencia
author Oviedo, Pedro Marcelo
author_facet Oviedo, Pedro Marcelo
author_sort Oviedo, Pedro Marcelo
title Business cycles in a small open economy with a banking sector
title_short Business cycles in a small open economy with a banking sector
title_full Business cycles in a small open economy with a banking sector
title_fullStr Business cycles in a small open economy with a banking sector
title_full_unstemmed Business cycles in a small open economy with a banking sector
title_sort business cycles in a small open economy with a banking sector
publishDate 2001
url http://sedici.unlp.edu.ar/handle/10915/3781
http://www.depeco.econo.unlp.edu.ar/jemi/2001/trabajo9.pdf
work_keys_str_mv AT oviedopedromarcelo businesscyclesinasmallopeneconomywithabankingsector
bdutipo_str Repositorios
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