 Stock market cycles and stock market development in SpainJavier Gómez Biscarri and Fernando Pérez de Gracia () Spanish Economic Review, 2004, vol. 6, issue 2, 127-151 Abstract: In this paper we use Spanish stock market data to identify the bull and bear phases of the market and to analyze its characteristics during the period 1941-2002. We compare these characteristics with those of the US and of two other European countries (Germany and the UK). Our sample is divided in two subperiods in order to account for differences induced by the process of development undergone by Spanish capital markets in the late 1980’s and early 1990’s. We find that the Spanish stock market has become increasingly more similar to those of the more developed countries, although some differences still persist. Additionally, we show that concordance of the Spanish stock market with other developed markets has increased quite significantly. Copyright Springer-Verlag Berlin/Heidelberg 2004 Keywords: Stock market cycle; data generating process; financial development (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:specre:v:6:y:2004:i:2:p:127-151 Ordering information: This journal article can be ordered from DOI: 10.1007/s10108-003-0078-7 Access Statistics for this article Spanish Economic Review is currently edited by Eduardo Ley More articles in Spanish Economic Review from Springer, Spanish Economic Association Contact information at EDIRC. |
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