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Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 3/2022
Verlag: 
Halle Institute for Economic Research (IWH), Halle (Saale)
Zusammenfassung: 
Does financial development shield countries from the pass-through of financial shocks to real outcomes? We evaluate this question by characterising the probability density of expected GDP growth conditional on financial stability indicators in a panel of 28 countries. Our robust results unveil a non-linear nexus between financial stability and expected GDP growth, depending on countries' degree of financial development. While both domestic and global financial factors affect expected growth, the effect of global factors is moderated by financial development. This result highlights a previously unexplored channel trough which financial development can break the link between financial (in)stability and GDP growth.
Schlagwörter: 
economic growth
financial development
financial stability
growth at risk
JEL: 
O1
G15
O16
O43
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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