.png){kind=icon}
返回
Commodity prices and banking crises
.png){kind=icon}
OA
AI
DOI：10.1016/j.jinteco.2021.103474.png)
.png){kind=icon}
.png){kind=icon}
分享.png){kind=icon}
收藏
摘要
En 中文
Commodity prices are one of the most important drivers of output fluctuations in developing countries. We show that a major channel through which commodity price movements can affect the real economy is through their effect on banks' balance sheets and financial stability. Our analysis finds that the volatility of commodity prices is a significant predictor of banking crises in a sample of 60 low-income countries (LICs). In contrast to recent findings for advanced and emerging economies, credit booms and capital inflows do not play a significant role in predicting banking crises, consistent with a lack of de facto financial liberalization in LICs. We corroborate our main findings with historical data for 40 'peripheral' economies between 1848 and 1938. The effect of commodity price volatility on banking crises is concentrated in LICs with a fixed exchange rate regime and a high share of primary goods in production. We also find that commodity price volatility is likely to trigger financial instability through a reduction in government revenues and a shortening of sovereign debt maturity, which are likely to weaken banks' balance sheets. (C) 2021 Elsevier B.V. All rights reserved.
Keyword:
Banking crises
Commodity prices
Volatility
Low income countries
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
4
论文数:
3.3K
被引数:
1.1W
机构
引用论文
分享收藏Feedback-related negativity effects vanished with false or monetary loss choice与反馈相关的负面影响因错误或金钱损失选择而消失.png)
NeuroReport
NeuroReportIF0
PREAI
分享收藏Financial liberalization and banking crises: The role of capital inflows and lack of transparency
PREAI
分享收藏Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008AMERICAN ECONOMIC REVIEW
AMERICAN ECONOMIC REVIEWIF11.6
PREAI
分享收藏
查看更多内容