{"id":107490,"date":"2024-01-22T15:13:28","date_gmt":"2024-01-22T14:13:28","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/107490\/"},"modified":"2024-11-07T03:20:14","modified_gmt":"2024-11-07T02:20:14","slug":"aktienmarkt-und-konjunkturschwankungen-gibt-es-einen-zusammenhang-in-den-oecd-laendern-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/107490\/","title":{"rendered":"Output Fluctuations and Financial Market Development. Evidence from OECD Countries"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-107490","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This article examines the nature of the linkage between financial development and economic fluctuation in 22 OECD countries over the period from 1970 through 2000. Two econometric techniques are used: The first, a cross-sectional instrument variable estimator, deals, to some degree, with the potential problems caused by simultaneity, omitted variables and unobserved country-specific effects. The second technique to be applied is the standard fixed effects model, which is designed to capture variation across country and time periods in simple shifts of the regression function (i.e., changes in the intercepts). The results obtained by these techniques confirm that arm's length financing has a role in destabilising the business cycle in the OECD countries while relationship lending is neutral in this respect. The magnitude of the independent impact of the stock market on output growth fluctuation is significant. In accordance with theory, there is also a strong indication that both market-based and bank-based financial systems magnify the impact of monetary shocks on macroeconomic volatility whereas real shocks are dampened by well-developed financial systems. Finally, the results indicate that it is the interaction between stock market size and stock market volatility that matters as a source of business cycle destabilisation.","onlinedate":"2003-08-12 02:00:00","lang":"German","publication_series":"","publication_date":"20030801","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":316939,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"76","monthly_report_pages":"643-654","monthly_report_pages_sort":"643","issue":"8","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[3925],"persons_data":"[{\"personId\":3925,\"personName\":\"Franz R. Hahn\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Hahn, F. R.<\\\/span> (2003). <span>Aktienmarkt und Konjunkturschwankungen. Gibt es einen Zusammenhang in den OECD-L\u00e4ndern?<\\\/span> <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>76<\\\/em>(8), 643-654. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/24497\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/24497<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Hahn FR<\\\/span>. <span class=\\\"title\\\"><span>Aktienmarkt und Konjunkturschwankungen. Gibt es einen Zusammenhang in den OECD-L\u00e4ndern?<\\\/span><\\\/span> <span>WIFO-Monatsberichte<\\\/span>. 2003 Aug;76(8):643-654.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{3656f04570974d1f8759a8ae7701818f,<\\\/div><div>  title    = \\\"Aktienmarkt und Konjunkturschwankungen. Gibt es einen Zusammenhang in den OECD-L{\\\\\\\"a}ndern?\\\",<\\\/div><div>  abstract = \\\"Die {\\\\\\\"o}konomische Theorie beurteilt die Bedeutung von Finanzm{\\\\\\\"a}rkten f{\\\\\\\"u}r den Konjunkturzyklus sehr uneinheitlich. W{\\\\\\\"a}hrend marktdominierte Finanzsysteme als allokationseffizient, aber instabil gelten, stehen bankdominierte Finanzsysteme in dem Ruf, effizient vor systemischen Risken zu sch{\\\\\\\"u}tzen, die durch Marktinstabilit{\\\\\\\"a}ten entstehen. Anhand empirischer Daten f{\\\\\\\"u}r 22 OECD-L{\\\\\\\"a}nder wird diese Hypothesen nur gest{\\\\\\\"u}tzt \u2013 f{\\\\\\\"u}r die Periode 1970\\\/2000 wurde kein signifikant d{\\\\\\\"a}mpfender Einfluss bankdominierter Finanzsysteme auf den Konjunkturzyklus festgestellt. Aktienm{\\\\\\\"a}rkte hingegen verst{\\\\\\\"a}rkten unabh{\\\\\\\"a}ngig und direkt die Outputfluktuationen in den OECD-L{\\\\\\\"a}ndern.\\\",<\\\/div><div>  keywords = \\\"Aktienm{\\\\\\\"a}rkte; Finanzm{\\\\\\\"a}rkte; Konjunkturschwankungen; Wachstum \\\",<\\\/div><div>  author   = \\\"Hahn, \\\\{Franz R.\\\\}\\\",<\\\/div><div>  note     = \\\"Aktienmarkt und Konjunktur\\\",<\\\/div><div>  year     = \\\"2003\\\",<\\\/div><div>  month    = aug,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"76\\\",<\\\/div><div>  pages    = \\\"643--654\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Aktienmarkt und Konjunkturschwankungen. Gibt es einen Zusammenhang in den OECD-L\u00e4ndern?<\\\/p><p>AU  - Hahn, Franz R.<\\\/p><p>N1  - Aktienmarkt und Konjunktur<\\\/p><p>PY  - 2003\\\/8<\\\/p><p>Y1  - 2003\\\/8<\\\/p><p>N2  - Die \u00f6konomische Theorie beurteilt die Bedeutung von Finanzm\u00e4rkten f\u00fcr den Konjunkturzyklus sehr uneinheitlich. W\u00e4hrend marktdominierte Finanzsysteme als allokationseffizient, aber instabil gelten, stehen bankdominierte Finanzsysteme in dem Ruf, effizient vor systemischen Risken zu sch\u00fctzen, die durch Marktinstabilit\u00e4ten entstehen. Anhand empirischer Daten f\u00fcr 22 OECD-L\u00e4nder wird diese Hypothesen nur gest\u00fctzt \u2013 f\u00fcr die Periode 1970\\\/2000 wurde kein signifikant d\u00e4mpfender Einfluss bankdominierter Finanzsysteme auf den Konjunkturzyklus festgestellt. Aktienm\u00e4rkte hingegen verst\u00e4rkten unabh\u00e4ngig und direkt die Outputfluktuationen in den OECD-L\u00e4ndern.<\\\/p><p>AB  - Die \u00f6konomische Theorie beurteilt die Bedeutung von Finanzm\u00e4rkten f\u00fcr den Konjunkturzyklus sehr uneinheitlich. W\u00e4hrend marktdominierte Finanzsysteme als allokationseffizient, aber instabil gelten, stehen bankdominierte Finanzsysteme in dem Ruf, effizient vor systemischen Risken zu sch\u00fctzen, die durch Marktinstabilit\u00e4ten entstehen. Anhand empirischer Daten f\u00fcr 22 OECD-L\u00e4nder wird diese Hypothesen nur gest\u00fctzt \u2013 f\u00fcr die Periode 1970\\\/2000 wurde kein signifikant d\u00e4mpfender Einfluss bankdominierter Finanzsysteme auf den Konjunkturzyklus festgestellt. Aktienm\u00e4rkte hingegen verst\u00e4rkten unabh\u00e4ngig und direkt die Outputfluktuationen in den OECD-L\u00e4ndern.<\\\/p><p>KW  - Aktienm\u00e4rkte; Finanzm\u00e4rkte; Konjunkturschwankungen; Wachstum\\n<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 76<\\\/p><p>SP  - 643<\\\/p><p>EP  - 654<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Output Fluctuations and Financial Market Development. 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