(WP17/2016)The Financial Cycles in Four East Asian Economies

Publication Date : December 2016Author : Dr. Victor Pontines : : Total Downloads : 208


 

Using available data on four East Asian economies, namely, Hong Kong, Malaysia, Philippines and Thailand, the paper contributes to the growing literature on the characterization of financial cycles.

 

The paper finds the following:

  1. The business cycle have cycle lengths between 3 to 6 years in the four economies analyzed, in line with stylized evidence;
  2. The cycle length of the proxy measures of financial cycles is longer than the cycle length of the business cycle, with the exception of the equity price growth in Hong Kong;
  3. The cycle length of the proxy measures of financial cycles in the four economies do not operate at lower and medium-term frequencies similar to the cycle lengths observed  for advanced economies such as the US and UK.

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