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dc.contributor.authorSala Rios, Mercè
dc.contributor.authorTorres Solé, Teresa
dc.contributor.authorFarré i Perdiguer, Mariona
dc.date.accessioned2017-01-27T07:43:00Z
dc.date.available2017-12-31T23:28:09Z
dc.date.issued2016
dc.identifier.issn1617-982X
dc.identifier.urihttp://hdl.handle.net/10459.1/59137
dc.description.abstractThis study provides evidence on the interaction between business and credit cycles in Spain during the period 1970–2014. The paper works on three analyses: the cycle turning points are identified; the main features of credit and business cycles are documented; and in both cycles the causal relationship is assessed. We find differences in the features of the business and credit cycle phases, which lead to a scant degree of synchronization over time. The lack of synchronization might be a sign that the cyclic interaction could be non-contemporaneous. Our results reveal that there is causation. A significant lagged relationship between business and credit cycles is found; specifically, fluctuations of the business cycle lead fluctuations of the credit to non-financial corporations and a lag exists with respect to the fluctuations of the credit to households. We also examine episodes of credit boom and credit crunch. In the period 1970–2014, Spanish credit booms did not involve deeper business cycle contractions and credit crunches were not associated with deeper and longer business cycle contractions. These differences are related with the great importance of the real estate sector in Spain.ca_ES
dc.language.isoengca_ES
dc.publisherSpringerca_ES
dc.publisherInstituto Superior de Economia e Gestáoca_ES
dc.relation.isformatofVersió postprint del document publicat a https://doi.org/10.1007/s10258-016-0124-7ca_ES
dc.relation.ispartofPortuguese Economic Journal, 2016, vol. 15, núm. 3, p. 149–171ca_ES
dc.rights(c) ISEG, 2016ca_ES
dc.subjectCredit cycleca_ES
dc.subjectBusiness cycleca_ES
dc.subjectCreditca_ES
dc.subjectExpansionca_ES
dc.subjectContractionca_ES
dc.subjectSynchronizationca_ES
dc.subjectGranger-causalityca_ES
dc.titleCredit and business cycles’ relationship: evidence from Spainca_ES
dc.typearticleca_ES
dc.identifier.idgrec024997
dc.type.versionacceptedVersionca_ES
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessca_ES
dc.identifier.doihttps://doi.org/10.1007/s10258-016-0124-7


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