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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 연구보고서
- 저자정보
- 발행연도
- 2015.11
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Is financial market integration associated with business cycle synchronization or divergence? In theory, there should be risk sharing and business cycles move in the opposite direction with respect to a country-specific shock. In reality, however, financial crises led to simultaneous economic downturns and business cycle synchronization, which is the opposite of what theory predicts. We know this from past experience: the 2008 financial crisis and the 1997 Asian financial crisis. What causes this difference between theory and reality is the financial friction that the traditional International Real Business Cycle model overlooks. Financial friction refers to the asymmetric information between lenders and borrowers, and this hinders the efficient allocation of resources across countries. We need to figure out financial friction in more detail, and strive to incorporate it into the model rigorously.
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