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Financial Cycles – The Synchronization With Financial Crises

Author

Listed:
  • Liliana DONATH

    (Facultatea de Economie și de Administrare a Afacerilor, Universitatea de Vest Timişoara)

  • Veronica MIHUȚESCU CERNA

    (Facultatea de Economie și de Administrare a Afacerilor, Universitatea de Vest Timişoara)

  • Ionela Maria OPREA

    (Facultatea de Economie și de Administrare a Afacerilor, Universitatea de Vest Timişoara)

Abstract

Fluctuations in financial markets have greatly influenced real economy around the world over the past two decades. The 2008–09 global crisis is the latest in a long list of economic events shaped by cycles in financial markets. Its severity has instantly made the study of financial cycles a central topic of research confirming that peaks in the financial cycle are closely associated with systemic banking crises. The paper discusses the causes of economic cycles and their impact on economy, but also the distinct characteristics of financial cycles by considering the close connection between the financial cycle and financial crises. Given the multidimensional interactions between financial and economic cycles, a close monitoring of cycles in financial markets should be an integral part of macroeconomic surveillance and policy design.

Suggested Citation

  • Liliana DONATH & Veronica MIHUȚESCU CERNA & Ionela Maria OPREA, 2014. "Financial Cycles – The Synchronization With Financial Crises," Management Intercultural, Romanian Foundation for Business Intelligence, Editorial Department, issue 31, pages 263-273, November.
    • Handle: RePEc:cmj:interc:y:2014:i:31:p:263-273
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    More about this item

    Keywords

    Financial cycles; Business cycles; Recession; Sustainable growth;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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