HOW DO FINANCIAL SYSTEMS AFFECT ECONOMIC CYCLES?

摘要

Financial systems in advanced economies have undergone remarkable changes in recent years, driven primarily by deregulation and improvements in technology. The pace of these changes has varied across countries, and important differences remain in the structure of financial systems across these economies. This chapter explores how these differences in financial systems may affect the response of households and firms to changes in the economic environment, and thus influence the cyclical behavior of national economies.