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How do banking crises affect aggregate consumption? Evidence from international crisis episodes. ESRI WP464. August 2013

Gerlach-Kristen, Petra and O'Connell, Brian and O'Toole, Conor (2013) How do banking crises affect aggregate consumption? Evidence from international crisis episodes. ESRI WP464. August 2013. [Working Paper]

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    Abstract

    This paper considers the effect of systemic financial crises on aggregate consumption. Using a sample of 23 countries over 32 years, we find that consumption growth seems lower during banking crises, crises following credit booms and crises following house price booms. Moreover, the response to income growth seems to change, which may be due to credit constraints. In the long run, consumption appears to be linked to income, housing and other financial wealth.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > banks/financial markets
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Working Papers
    Depositing User: Alyssa McDonald
    Official EU Document: No
    Language: English
    Date Deposited: 05 Nov 2019 11:13
    Number of Pages: 34
    Last Modified: 16 Feb 2020 19:16
    URI: http://aei.pitt.edu/id/eprint/88082

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