Resilient forces: The role of intangible capital in mitigating financial contagion dynamics

IF 1.2 Q3 ECONOMICS

Research in Economics Pub Date : 2024-09-07 DOI:10.1016/j.rie.2024.101001

Çiğdem Ateş-Saygılı

引用次数: 0

Abstract

This essay explores the mechanics of financial shocks within a globalized framework, employing a two-country macroeconomic model to distinguish between core and periphery economies. Our research indicates that intangible assets, serving as stable collateral, respond more robustly to economic shocks than traditional physical forms. Moreover, the study highlights the complex transmission mechanisms of productivity and leverage shocks, revealing that while the financial sector effectively assimilates the positive economic outcomes resulting from a productivity shock, leverage shocks, despite depleting capital, paradoxically stimulate overall economic output.

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弹性力量：无形资本在缓解金融疫情动态中的作用

本文采用两国宏观经济模型，区分核心经济体和外围经济体，在全球化框架内探讨金融冲击的机理。我们的研究表明，作为稳定抵押品的无形资产比传统的有形资产更能有力地应对经济冲击。此外，研究还强调了生产率和杠杆率冲击的复杂传导机制，揭示了金融部门在有效吸收生产率冲击带来的积极经济成果的同时，杠杆率冲击尽管会消耗资本，却会自相矛盾地刺激整体经济产出。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in Economics ECONOMICS-

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

89 days

期刊介绍： Established in 1947, Research in Economics is one of the oldest general-interest economics journals in the world and the main one among those based in Italy. The purpose of the journal is to select original theoretical and empirical articles that will have high impact on the debate in the social sciences; since 1947, it has published important research contributions on a wide range of topics. A summary of our editorial policy is this: the editors make a preliminary assessment of whether the results of a paper, if correct, are worth publishing. If so one of the associate editors reviews the paper: from the reviewer we expect to learn if the paper is understandable and coherent and - within reasonable bounds - the results are correct. We believe that long lags in publication and multiple demands for revision simply slow scientific progress. Our goal is to provide you a definitive answer within one month of submission. We give the editors one week to judge the overall contribution and if acceptable send your paper to an associate editor. We expect the associate editor to provide a more detailed evaluation within three weeks so that the editors can make a final decision before the month expires. In the (rare) case of a revision we allow four months and in the case of conditional acceptance we allow two months to submit the final version. In both cases we expect a cover letter explaining how you met the requirements. For conditional acceptance the editors will verify that the requirements were met. In the case of revision the original associate editor will do so. If the revision cannot be at least conditionally accepted it is rejected: there is no second revision.