Lending Sociodynamics and Drivers of the Financial Business Cycle | Zendy

Raymond J. Hawkins | Zendy; Hengyu Kuang | Zendy

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Lending Sociodynamics and Drivers of the Financial Business Cycle

Author(s) -

Raymond J. Hawkins,

Hengyu Kuang

Publication year - 2017

Publication title -

quantitative finance and economics

Language(s) - English

Resource type - Journals

ISSN - 2573-0134

DOI - 10.3934/qfe.2017.3.219

Subject(s) - business cycle , estimation , central bank , business , business model , finance , economics , financial system , monetary economics , monetary policy , macroeconomics , marketing , management

We extend sociodynamic modeling of the financial business cycle to the Euro Area and Japan. Using an opinion-formation model and machine learning techniques we find stable model estimation of the financial business cycle using central bank lending surveys and a few selected macroeconomic variables. We find that banks have asymmetric response to good and bad economic information, and that banks adapt to their peers' opinions when changing lending policies

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