Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 3

first rewind previous Page / 1 next fast forward last

Search results

Search:
in the keywords:  financial connectedness
help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

The mean reversion/persistence of financial cycles: Empirical evidence for 24 countries worldwide

100%
Lv S., Xu Z., Fan X., Qin Y., Skare M.
Equilibrium. Quarterly Journal of Economics and Economic Policy
|
2023
|
vol. 18
|
issue 1
11-47
EN
Research background: The globalization trend has inevitably enhanced the connectivity of global financial markets, making the cyclicality of financial activities and the spread of market imbalances have received widespread attention, especially after the global financial crisis. Purpose of the article: To reduce the negative effects of the contagiousness of the financial cycles, it is necessary to study the persistence of financial cycles and carve out the total connectedness, spillover paths, and sources of risks on a global scale. In addition, understanding the relationship between the financial cycle and economic development is an important way to prevent financial crises. Methods: This paper adopts the nonlinear smoothing transition autoregressive (STAR) model to extract cyclical and phase characteristics of financial cycles based on 24 countries during 1971Q1?2015Q4, covering developed and developing countries, the Americas, Europe, and Asia regions. In addition, the frequency connectedness approach is used to measure the connectedness of financial cycles and the relationship between the global financial cycle and the global economy. Findings & value added: The analysis reveals that aggregate financial cycles persist for 13.3 years for smoothed and 8.7 years for unsmoothed on average. The national financial cycles are asynchronous and exhibit more prolonged expansions and faster contractions. The connectedness of financial cycles is highly correlated with systemic crises and contributes to the persistence and harmfulness of shocks. It is mainly driven by short-term components and exhibits more pronounced interconnectedness within regions than across regions. During the financial crisis, the global financial cycle movements precede and are longer than the business fluctuations. Based on the study, some policy implications are presented. This paper emphasizes the impact of systemic crises on the persistence of financial cycles and their connectedness, which contributes to refining research related to the coping mechanisms of financial crises.
2
Publication available in full text mode
Content available

Assessment of EU banking network regionalization during post-crisis period

88%
Gaigaliene A., Jurakovaite O., Legenzova R.
Oeconomia Copernicana
|
2018
|
vol. 9
|
issue 4
655-675
EN
Research background: Recent financial crisis of 2007-2008 has influenced global banking system and led to reduction of cross-border bank lending in the EU and worldwide. Global banking network has been analysed extensively in prior or post-crisis periods, but the literature on regionalization is scarce, especially with regard to the banking sector in the EU. Moreover, in previous empirical research evaluation of banking sector regionalization using network analysis methodology has not been yet applied. Purpose of the article: The aim of the article is to map the EU banking network and to assess its regionalization during post-crisis period. Methods: the paper employs comparative literature analysis and synthesis; BIS bilateral interbank cross-border claim yearly flows matrix data and network analysis method (including network mapping, structural and comparative analysis and the data of intraregional and interregional banking network matrices) to assess the changes in regionalization of the EU banking system. Findings & Value added: The results of the research show that during post-crisis period both, EU 12 and EU 28, banking networks became more clustered and more decentralized; also the level of regionalization within the EU banking network increased. Such results prove that the EU banking network has undergone structural changes with respect to bilateral interbank cross-border claims. This research adds to the knowledge of regionalization processes within the EU banking network during the post-crisis period and intends to be beneficial for market participants, EU level governmental bodies and financial policy makers.
3
Publication available in full text mode
Content available

Evaluation of the post-crisis EU banking network connectedness in the global context

88%
Legenzova R., Gaigalienė A., Jurakovaitė O.
Oeconomia Copernicana
|
2019
|
vol. 10
|
issue 1
37-53
EN
Research background: The global banking network has been undergoing structural changes since the recent financial crisis. Previous studies on connectedness of global banking network during post-crisis period revealed the trends of regionalization and segmentation. Our previous research has also shown that during post-crisis period the level of regionalization within the EU banking network has increased; the network became more clustered and more decentralized. This paper continues our research of structural changes of EU banking network during post-crisis period by adding a global context and questioning the connectedness of EU banking network within global banking system. Purpose of the article: The aim of the paper is to evaluate the EU banking network's connectedness in the global context during the post-crisis period. Methods: network analysis method and data on yearly flows of BIS bilateral interbank cross-border claim were used to evaluate the connectedness of global and EU banking systems. Findings & Value added: Evaluation of the global banking network's connected-ness revealed that global banking network density decreased by 4.50 %, suggesting that connectedness is decreasing, but it is happening slowly. Structural changes in the global banking network did happen during post-crisis period with regards to out-degree, betweenness and closeness centrality indicators. In the global context, the EU banking network became more connected during post-crisis period. The EU banking network was regionalized in 2011, but this regionalization disappeared in 2015, as the level of intraregional density decreased in 2015 and became lower than the interregional density. This research contributes to previous research in a way that it applies intraregional and interregional network density measures for evaluation of the EU banking network's connectedness, and analyses it as a subset of the global banking network.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.