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  • 标题:Financial institutions during the business cycle: Is the financial cycle synchronized with the business cycle?
  • 本地全文:下载
  • 作者:Fernando Arias Rodríguez ; Celina Gaitán Maldonado ; Johanna López Velandia
  • 期刊名称:Ensayos sobre Política Económica
  • 印刷版ISSN:0120-4483
  • 出版年度:2014
  • 卷号:32
  • 期号:75
  • 页码:28-40.
  • DOI:10.1016/j.espe.2014.09.001
  • 出版社:Banco de la Republica, Bogotà
  • 摘要:

    Using the financial statements of Banks and related institutions, a proposal is made for a financial cycle chronology for Colombia from 1990 until the middle of 2013. Its interaction with the business cycle proposed by Alfonso, Arango, Arias, Cangrejo y Pulido (2012) is also examined. Two approaches are used here: One rule-based (Bry and Boschan, 1971, and Diffusion Indexes) and one based on information extracted from the data (Novelty Detection). Evidence is found to support the existence of synchronization between the financial and business cycle, although the chronologies and related features of each cycle rely on the definition and the approach adopted.

  • 关键词:Business cycle. Financial cycle. Bry and Boschan. Novelty detection. Financial indicators. . E32. G21. C38. C43.
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