Characteristics of financial cycles: world experience and Ukraine.
DOI:
https://doi.org/10.31558/2307-2318.2020.1.2Keywords:
financial cycle, economic cycle, financial integration, real house prices, foreign direct investment, loans, volatility indexAbstract
The analysis of financial cycle indicators for developed and developing countries is carried out. They were compared to those of Ukraine. The analysis of the dynamics of relevant indicators revealed the characteristic tendencies of manifestation the financial cyclical at the present stage. The correlation between the aggregate indicators of two groups of countries and Ukraine is investigated.
The tendencies of local financial cycles to joint movement and the mutual nature of cyclicality are analyzed, the reason of it is the financial integration and globalization processes. Comparison of the amplitude of the fluctuations of the global and local financial cycles has shown a growing level of interdependence. The regularities of the impact of changes in the global financial cycle on the local are determined and the level of sensitivity of financial cycles of individual groups of countries to cyclical shifts of each other is estimated.
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