MSpace - DSpace at UofM >
Faculty of Graduate Studies (Electronic Theses and Dissertations) >
FGS - Electronic Theses & Dissertations (Public) >

Please use this identifier to cite or link to this item:

Title: Financial sources of macroeconomic fluctuations, an empirical investigation
Authors: Safaei Boroojeny, Jalil
Issue Date: 1-Sep-1999
Abstract: The idea that financial structure and output determination may be interrelated has gone through several cycles over the past half a century since its inception at the time of the Great Depression. In its latest reincarnation in the theory of 'Financial Acceleration', it considers financial factors as propagation mechanisms for the disturbances originating from the ' real' economy, where 'agency costs' of credit allocation by the financial intermediaries play a central role. Financial factors have rarely been studied as potential 'sources ' of variation in the economy. Our study, however, investigates the ' origination' of disturbances from money and bank credit and allows for the 'propagation' of disturbances within a relatively simple macro-dynamic system that utilizes the new approach of 'Structural Vector Autoregression'. Our findings for the Canadian as well as British economies indicate that money, but not credit, accounts for a sizable variation in output and other macroeconomic variables over varioustime horizons. However, bank credit serves as a propagation ch nnel through which money disturbances are exacerbated. The results call for greater attention to monetary, in particular money demand, disturbances by the authorities.
Appears in Collection(s):FGS - Electronic Theses & Dissertations (Public)

Files in This Item:

File Description SizeFormat
NQ45136.pdf7.41 MBAdobe PDFView/Open
View Statistics

Items in MSpace are protected by copyright, with all rights reserved, unless otherwise indicated.


Valid XHTML 1.0! MSpace Software Copyright © 2002-2010  Duraspace - Feedback