02110cas a2200265 a 4500 AALejournalIMF007121 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455227037 1018-5941 BD-DhAAL BD-DhAAL Terrones, Marco. Financial Cycles : What? How? When? / Marco Terrones, Ayhan Kose, Stijn Claessens. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Claessens, Stijn. Kose, Ayhan. IMF Working Papers; Working Paper ; No. 2011/076 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/076/001.2011.issue-076-en.xml IMF e-Library