| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8379 |
| DP8379 Financial Cycles: What? How? When? | |
| Stijn Claessens; M. Ayhan Kose; Marco Terrones | |
| 发表日期 | 2011-05-30 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper provides a comprehensive analysis of financial cycles using a large database covering 21 advanced countries over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house prices, and equity prices. We report three main results. First, financial cycles tend to be long and severe, especially those in housing and equity markets. Second, they are highly synchronized within countries, particularly credit and house price cycles. The extent of synchronization of financial cycles across countries is high as well, mainly for credit and equity cycles, and has been increasing over time. Third financial cycles accentuate each other and become magnified, especially during coincident downturns in credit and housing markets. Moreover, globally synchronized downturns tend to be associated with more prolonged and costly episodes, especially for credit and equity cycles. We discuss how these findings can guide future research on various aspects of financial market developments. |
| 主题 | Financial Economics |
| 关键词 | Credit booms Credit cycles Asset busts Crunches Equity prices House prices |
| URL | https://cepr.org/publications/dp8379 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537227 |
| 推荐引用方式 GB/T 7714 | Stijn Claessens,M. Ayhan Kose,Marco Terrones. DP8379 Financial Cycles: What? How? When?. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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