Title of article
Financialglobalization,financialcrisesandcontagion$
Author/Authors
Enrique G. Mendoza، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
16
From page
24
To page
39
Abstract
Two observationssuggestthatfinancialglobalizationplayedanimportantroleinthe
recentfinancialcrisis.First,morethanhalfoftheriseinnetborrowingoftheU.S.non-
financialsectorssincethemid-1980shasbeenfinancedbyforeignlending.Second,the
collapseoftheU.S.housingandmortgage-backed-securitiesmarketshadworldwide
effectsonfinancialinstitutionsandassetmarkets.Usinganopen-economymodelwhere
financialintermediariesplayacentralrole,weshowthatfinancialintegrationleadstoa
sharp riseinnetcreditinthemostfinanciallydevelopedcountryandtolargeassetprice
spilloversofcountry-specificshockstobankcapital.Theimpactsoftheseshocksonasset
prices areamplifiedbybankcapitalrequirementsbasedonmark-to-market.
Keywords
Financial globalizationFinancial crisesContagionFinancial developmentU.S. crisis
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846369
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