BIS paper examines impact of financial cycle


A working paper, published by the Bank for International Settlements on June 13, examines the financial cycle and its impact on the business cycle.

The authors, Mathias Drehmann, Claudio Borio and Kostas Tsatsaronis, use turning-point analysis and frequency-based filters to identify medium-term financial crises. The paper finds that the peaks of the financial cycle coincide closely with financial crises, and therefore with recessions. Furthermore, the "length, amplitude and virulence" of cycles

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