scholarly journals Cooperative employment cycles in Spain. Does regional localization matter?

2020 ◽  
Vol 136 ◽  
pp. e71857
Author(s):  
Mercè Sala-Ríos ◽  
Mariona Farré-Perdiguer ◽  
Teresa Torres-Solé
Keyword(s):  
Business Cycle ◽  
Small Group ◽  
Profit Margin ◽  
Financial Ratios ◽  
Regional Localization ◽  
The Third ◽  
Spanish Regions ◽  
The Business Cycle ◽  
Territorial Analysis ◽  
Employment Cycle

This paper presents a territorial analysis of the cooperatives within various Spanish regions. The purpose is threefold. The first objective is to investigate whether the cooperatives’ employment cycle shows a different relationship regarding the business cycle and whether this depends on the regional localization of the cooperatives. The second is to evaluate whether the greater the cooperative tradition, the greater the decoupling between business cycle and cooperatives’ cyclical phases. The third objective is to find out if, within the different Spanish regions, those cooperatives that survived the 2008 crisis share some common patterns. Our results show that (1) more than 50% of the regions achieve a medium degree of a pro-cyclical relationship and that only a small group of regions presents a counter-cyclical relationship; (2) the cooperatives' employment exhibits a certain degree of resilience; and (3) the cooperatives that survived the crisis were mature, small-sized firms with adequate financial ratios but with a negative profit margin.

scholarly journals The Prediction of Business Cycle Phases: Financial Variables and International Linkages

2002 ◽  
Vol 182 ◽  
pp. 96-105 ◽  
Author(s):  
Denise R. Osborn ◽  
Marianne Sensier
Keyword(s):  
Stock Market ◽  
Business Cycle ◽  
European Countries ◽  
Financial Variables ◽  
The Third ◽  
The Us ◽  
International Linkages ◽  
The Business Cycle ◽  
The Uk

This paper discusses recent research at the Centre for Growth and Business Cycle Research on the prediction of the expansion and recession phases of the business cycle for the UK, US, Germany, France and Italy. Financial variables are important predictors in these models, with the stock market playing a key role in the US but not the European countries, including the UK. In contrast, international linkages are important for the European countries. Our models suggest that the US and German economies have now emerged from the recession of 2001, and that all five countries will be in expansion during the third quarter of this year.

Stock Returns and the Business Cycle

CFA Digest ◽  
2005 ◽  
Vol 35 (2) ◽  
pp. 42-43
Author(s):  
Daniel B. Cashion
Keyword(s):  
Business Cycle ◽  
Stock Returns ◽  
The Business Cycle

EXPANSIONS AND RECESSIONS IN THE MEXICAN STATES: A CLASSICAL BUSINESS CYCLES APPROACH

2017 ◽  
Vol 3 (5) ◽  
pp. 32
Author(s):  
Pablo Mejía-Reyes
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Monthly Basis ◽  
Production Index ◽  
Clear Cut ◽  
Output Measure ◽  
Central Regions ◽  
The Business Cycle ◽  
National Business ◽  
Cycle Indicator

This paper aims to document expansions and recessions characteristics for 17 states of Mexico over the period 1993-2006 by using a classical business cycle approach. We use the manufacturing production index for each state as the business cycle indicator since it is the only output measure available on a monthly basis. According to this approach, we analyse asymmetries in mean, volatility and duration as well as synchronisation over the business cycle regimes (expansions and recessions) for each case. Our results indicate that recessions are less persistent and more volatile (in general) than expansions in most Mexican states; yet, there is no clear cut evidence on mean asymmetries. In turn, there seems to be strong links between the business cycle regimes within the Northern and Central regions of the country and between states with similar industrialisation patterns, although it is difficult to claim that a national business cycle exists.

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