Business cycles, credit cycles, and asymmetric effects of credit fluctuations: Evidence from Italy for the period of 1861–2013

Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta; Piselli, Paolo

doi:10.1016/j.jmacro.2019.103130

Cited by 7 publications

(3 citation statements)

References 35 publications

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“…In these years of elastic supply, house prices grew regularly and slowly in real terms, while Italy was going through the longest period of stable growth in its post-unification history, with few short-term negative cyclical shocks (Bartoletto et al. , 2019).…”

Section: The Honeycomb Cycle In the Italian Housing Marketmentioning

confidence: 99%

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The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

Marzano

Piselli

Rubinacci

2022

JERER

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PurposeThe purpose of this paper is to provide a dating system for the Italian residential real estate market from 1927 to 2019 and investigate its interaction with credit and business cycles.Design/methodology/approachTo detect the local turning point of the Italian residential real estate market, the authors apply the honeycomb cycle developed by Janssen et al. (1994) based on the joint analysis of house prices and the number of transactions. To this end, the authors use a unique historical reconstruction of house price levels by Baffigi and Piselli (2019) in addition to data on transactions.FindingsThis study confirms the validity of the honeycomb model for the last four decades of the Italian housing market. In addition, the results show that the severe downsizing of the housing market is largely associated with business and credit contraction, certainly contributing to exacerbating the severity of the recession. Finally, preliminary evidence suggests that whenever a price bubble occurs, it is coincident with the start of phase 2 of the honeycomb cycle.Originality/valueTo the best of the authors’ knowledge, this is the first time that the honeycomb approach has been tested over such a long historical period and compared to the cyclic features of financial and real aggregates. In addition, even if the honeycomb cycle is not a model for detecting booms and busts in the housing market, the preliminary evidence might suggest a role for volume/transactions in detecting housing market bubbles.

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Section: The Honeycomb Cycle In the Italian Housing Marketmentioning

confidence: 99%

“…Number of transactions (left hand axis) and House prices at constant 2005 prices (right hand axis), Italy, 1927-2019. Turning points are calculated according to the NBER approach revisited by Bartoletto et al. (2019)…”

Section: Figurementioning

confidence: 99%

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

Marzano

Piselli

Rubinacci

2022

JERER

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“…Extraordinary occurrences, such as international wars and the global financial crisis, might influence the credit expansion cycle (Bartoletto et al, 2019). Unsustainable credit expansion jeopardizes financial stability" (Bezemer & Zhang, 2019).…”

Section: Repercussions Of the Covid-19 Pandemic On The Banking Industrymentioning

confidence: 99%

Covid Impact On Banking Industry: Research Mapping Using R

Herindar¹,

Rusydiana

2022

elbarka

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Introduction/Main Objectives: This study intends to evaluate literature studies and determine the evolution of research pertaining to the impact of Covid-19 on the banking industry by examining 121 documents from the Scopus database, including journals, book chapters, conference papers, and reviews. Background of Problems: The COVID-19 pandemic not only produces a crisis but also has the potential to alter the structure of the global economy, thereby influencing the banking industry and financial system. Novelty: Conduct a comprehensive literature review by identifying the presence of GAP in research, as well as to assist future researchers in determining the development of research and in exploring further research on the impact of Covid-19 on the banking industry. Research Method : This research employs R-studio and biblioshiny software for text analysis. Findings/Result: The findings indicate that the COVID-19 pandemic has an impact on the banking business, which can be both a threat and an opportunity. In addition, this study includes a summary of the keywords that frequently appear in this topic and a summary of the most pertinent word analysis, word treemap, co-occurrence network, thematic map, and conceptual structure. Conclusion: Our findings inform regulatory authorities concerned with enhancing the financial stability of the banking sector to enhance their policies and banking practitioners to seek innovative tactics to compel banks to better align themselves with risks during the COVID-19 pandemic. In addition, this study reveals the existence of research gaps in order to provide future researchers with useful information.

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The heterogeneous effects of labor informality on VAT revenues: Evidence on a developed country

Sacchi

2020

Journal of Macroeconomics

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Business cycles, credit cycles, and asymmetric effects of credit fluctuations: Evidence from Italy for the period of 1861–2013

Cited by 7 publications

References 35 publications

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

Covid Impact On Banking Industry: Research Mapping Using R

The heterogeneous effects of labor informality on VAT revenues: Evidence on a developed country

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