Global financial cycle causes consequences and policies fourteen other papers at the conference will examine a broad spectrum of issues a historical perspective of global financial cycles can shed light on the synchronicity of financial and real cycles and the importance of macroeconomic policies in the major economies in driving these cycles. We analyze the transmission of global financial crisis to business cycles in china and india the pattern of business cycles in emerging asian economies generally displays a low degree of synchronization with the oecd countries which is consistent with the decoupling hypothesis. In order to characterise financial cycles we draw parallels between the phases of cyclical fluctuations in output ie business cycles and those in financial markets for example we call the recovery phase of a financial cycle the upturn and the contraction phase the downturn
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