Stock market cycles and stock market development in Spain

  1. Gomez Biscarri, Javier
  2. Pérez de Gracia Hidalgo, Fernando
Revista:
Spanish economic review

ISSN: 1435-5469

Año de publicación: 2004

Volumen: 6

Número: 2

Páginas: 127-152

Tipo: Artículo

DOI: 10.1007/S10108-003-0078-7 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Spanish economic review

Resumen

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 1980s and early 1990s. 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.

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