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How Does The Financial Cycle Affect The Business Cycle?
Pages: 142-151
Year: Issue:  5
Journal: Nankai Journal(Philosophy,Literature and Social Science Edition)

Keyword:  Financial CycleBusiness CycleFinancial Accelerator;
Abstract: The financial system has an important impact on economic development. To what extent is the financial system independent on real economy? To answer this question is what the financial cycle theory originally intended to do. Meanwhile, the transmission mechanism of the financial cycle to long-term economic growth and short-term economic fluctuations is the core of the financial cycle theory. Marxist economic cycle and financial cycle theory, the debt-deflation theory, the financial accelerator theory and the financial instability theory principally constitute the theoretical basis of the financial cycle. Our theoretical and empirical studies show that the financial cycle accelerates the short-term economic cycle which is asymmetric; the financial cycle can be used to predict the economic cycle; and the financial cycle has an important impact on the medium and long-term economic growth and volatility.
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