Working Paper: Financial Cycles: What are they and what do they look like in Denmark?

Working Papers - June 2017 - No. 115

Authors Grinderslev, Oliver Juhler; Kramp, Paul Lassenius; Kronborg, Anders; Pedersen, Jesper
Subject Financial risks; Financial stability; Macroprudential policy; Financial assets and balances
Type Working paper
Year 2017
Published 16 June 2017
In this paper we study what financial cycles are, what they look like in Denmark, and what their relationship is with the real economy. We show that medium term swings in house prices and credit should be used as an illustration of the financial cycle in Denmark.