Business Cycles in Emerging Markets: the Role of Durable Goods and Financial Frictions

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dc.contributor.authorÁlvarez, Fernandoes
dc.contributor.authorBrandao-Marques, Luises
dc.contributor.authorToledo, Manueles
dc.date.accessioned2014-10-15T20:04:16Z
dc.date.available2014-10-15T20:04:16Z
dc.date.issued2012es
dc.description.tableofcontentsThere is a growing literature studying business cycles in emerging economies. This paper contributes to this literature by examining how durable goods and financial frictions shape cyclical fluctuations in a small open economy subject to transitory and permanent shocks. We find that permanent shocks play a less important role driving the cycle in emerging economies than previously documented. We also find that financial frictions are crucial to explain some key business cycle properties of these economies. In our quantitative model, a countercyclical borrowing premium interacts with the purchase of durables to deliver highly volatile consumption and strongly countercyclical net exports.en_US
dc.identifier.citationÁlvarez, F., Brandao-Marques, L., & Toledo, M. (2012). Business Cycles in Emerging Markets: the Role of Durable Goods and Financial Frictions. CAF Working paper, 2012/13, Caracas: CAF. Retrieved from https://scioteca.caf.com/handle/123456789/243en_GB
dc.identifier.urihttps://scioteca.caf.com/handle/123456789/243
dc.language.isoenges
dc.publisherCAFes
dc.publisher.cityCaracases
dc.relation.ispartofseriesCAF Working paper, 2012/13es
dc.rightsCC-BY-NCes_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/es_ES
dc.subjectSector financieroes
dc.subjectEconomíaes
dc.subjectInvestigación socioeconómicaes
dc.titleBusiness Cycles in Emerging Markets: the Role of Durable Goods and Financial Frictionses
dc.typeworkingPaperes

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