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Stock Market Cycles and Stock Market Development in Spain

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.

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File URL: http://www.unav.es/facultad/econom/files/workingpapersmodule/@random434f952645304/1132241128_wp0102.pdf
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Paper provided by School of Economics and Business Administration, University of Navarra in its series Faculty Working Papers with number 01/02.

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Length: 31 pages pages
Date of creation: Jun 2002
Date of revision:
Publication status: Published, Spanish Economic Review, 2004, vol.6(2):pp. 127 - 151
Handle: RePEc:una:unccee:wp0102
Contact details of provider: Web page: http://www.unav.es/facultad/econom

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