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      • Department of Economics
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      Institutions and business cycles

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      Author
      Altug, S.
      Neyapti, B.
      Emin, M.
      Date
      2012
      Source Title
      International Finance
      Print ISSN
      1367-0271
      Electronic ISSN
      1468-2362
      Publisher
      Wiley-Blackwell Publishing Ltd.
      Volume
      15
      Issue
      3
      Pages
      347 - 366
      Language
      English
      Type
      Article
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      Abstract
      This paper investigates the relationship between the main features of business cycles and the institutional and structural characteristics of 62 industrial, emerging and formerly centrally planned economies from all continents. We find that a variety of institutional indicators, including stronger governance, greater civil liberties, more developed labour and capital markets, and higher levels of central bank independence are significantly associated with business cycle characteristics - namely, volatility and persistence. Our study also demonstrates that similarity of the institutional environment in dimensions such as governance and the level of labour and capital market development strongly affects the co-movement of business cycles across countries. © 2013 Blackwell Publishing Ltd.
      Keywords
      Business cycles
      Permalink
      http://hdl.handle.net/11693/21229
      Published Version (Please cite this version)
      http://dx.doi.org/10.1111/j.1468-2362.2013.12000.x
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      • Department of Economics 649
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