Financial cycle dynamics: IMF paper
An IMF paper published on Friday examines the characteristics and dynamics of financial cycles within and across countries.
Stijn Claessens, Ayhan Kose and Marco Terrones, the paper's authors, use a large database covering 21 advanced countries over the period from 1960 to 2007 to analyse cycles in credit, house prices and equity prices.
The results show that financial cycles tend to be long and severe, especially those in housing and equity markets, and highly synchronised within and across
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