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Ensayos sobre POLÍTICA ECONÓMICA
Print version ISSN 0120-4483
Abstract
ARIAS RODRIGUEZ, Fernando; GAITAN MALDONADO, Celina and LOPEZ VELANDIA, Johanna. Financial institutions during the business cycle: Is the financial cycle synchronized with the business cycle?. Ens. polit. econ. [online]. 2014, vol.32, n.75, pp.28-40. ISSN 0120-4483. https://doi.org/10.1016/j.espe.2014.09.001.
Using the financial statements of Banks and related institutions, a proposal is made for a financial cycle chronology for Colombia from 1990 until the middle of 2013. Its interaction with the business cycle proposed by Alfonso, Arango, Arias, Cangrejo y Pulido (2012) is also examined. Two approaches are used here: One rule-based (Bry and Boschan, 1971, and Diffusion Indexes) and one based on information extracted from the data (Novelty Detection). Evidence is found to support the existence of synchronization between the financial and business cycle, although the chronologies and related features of each cycle rely on the definition and the approach adopted.
Keywords : Business cycle; Financial cycle; Bry and Boschan; Novelty detection; Financial indicators.