Oxford Review of Economic Policy
Опубликовано на портале: 14-03-2005Matthey Higgins, Carol Osler Oxford Review of Economic Policy. 1997. Vol. 13. No. 3. P. 110-134.
Asses prices and investment were unusually weak throughout the industrial world during the early 1990s. This paper highlights this stylized fact, and connects it with another: in most of the industrial world, asset markets boomed for several years before collapsing around 1989. The paper suggests that asset market bubbles during the late 1980s may have left the industrial world with an 'asset market hangover' in the early 1990s, in the form of sluggish asset markets and investment. Empirical support for this hypothesis is provided based on cross-country data for equity and real estate markets in most industrial countries. We suggest that financial market developments not justified by fundamentals can substantially affect real activity.
Опубликовано на портале: 25-11-2008M. Chui, A. Maddaloni, Franklin Allen Oxford Review of Economic Policy. 2004. Vol. 20. No. 4. P. 490-508.
Financial structure is an important determinant of the efficiency and stability of financial systems and the channels through which monetary policy is transmitted. We document the substantial differences in the financial systems of the euro area, the UK, the USA, Japan, and non-Japan Asia. The traditional classification of bank-based and market-based systems is shown to be too simplistic. We focus on two particular aspects of financial structure: financial institutions and the housing and mortgage markets. It is shown that institutional investors differ in important ways across the regions considered. One recent change is that Central Banks, particularly those in Asia, have become significant institutional investors. Housing and mortgage markets differ even more. We are still a long way from understanding which kind of financial structure is best.