Stock Market Cycles and Stock Market Development in Spain

Javier Gómez Biscarri () and Fernando Pérez de Gracia ()
Additional contact information
Javier Gómez Biscarri: School of Economics and Business Administration, University of Navarra
Authors registered in the RePEc Author Service: Juncal Cuñado () and Luis Alberiko Gil-Alana

No 03/02, Faculty Working Papers from School of Economics and Business Administration, University of Navarra

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.

Keywords: Stock market cycle; data generating process; financial development (search for similar items in EconPapers)
JEL-codes: C22 G15 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2002-06-01
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published, Spanish Economic Review, 2004, vol.6(2):pp. 127 - 151

Downloads: (external link)
http://www.unav.edu/documents/10174/6546776/1132241128_wp0102.pdf (application/pdf)

Related works:
Journal Article: Stock market cycles and stock market development in Spain (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:una:unccee:wp0302

Access Statistics for this paper

More papers in Faculty Working Papers from School of Economics and Business Administration, University of Navarra
Bibliographic data for series maintained by ().