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Volver Stock Market Cycles and Stock Market Development in Spain

WPnull/02 Stock Market Cycles and Stock Market Development in Spain
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Authors

  • Javier Gómez Biscarri (jgomezbis@unav.es)
    School of Economics and Business Administration, University of Navarra
  • Fernando Pérez de Gracia (fgracia@unav.es)
    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.

Classification JEL:C22; G15

Keywords:Stock market cycle; data generating process; financial development

Number of Pages:31

Creation Date:2002-06-01

Number:null/02

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Raúl Bajo

Raúl Bajo

Campus Universitario

31009 Pamplona, España

+34 948 42 56 00

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