{
  "title": "Financial and Business Cycles in Brazil",
  "publication": "IMF Working Papers, January 24, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2017/01/24/financial-and-business-cycles-in-brazil-44577",
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  "summary": "This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazilian economy.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Paper explores the nexus between the financial cycle and business cycle in Brazil.\n- Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazilian economy.\n- Advantage of the model-based approach: financial and business cycles can be jointly estimated, allowing information from all key economic relationships to be used in a consistent way.\n- Publication type: IMF Working Papers."
    },
    {
      "heading": "Methodology",
      "content": "- Estimation approaches:\n  - A variety of commonly-used statistical methods.\n  - A small, semistructural model of the Brazilian economy.\n- Joint estimation feature:\n  - Model-based approach allows financial and business cycles to be jointly estimated, integrating information from key economic relationships."
    },
    {
      "heading": "Key Findings",
      "content": "- Brazil is now in the downturn phase of the financial cycle.\n- Results underscore the importance of macro-financial linkages.\n- Results highlight risks to the recovery going forward."
    },
    {
      "heading": "Implications and Risks",
      "content": "- Macro-financial linkages are important for cycle dynamics and for assessing recovery prospects.\n- Downturn phase of the financial cycle implies heightened risks to economic recovery."
    },
    {
      "heading": "Publication metadata (selected)",
      "content": "- Pages: 28\n- Volume: 2017\n- Issue: 012\n- Series: Working Paper No. 2017/012\n- DOI: https://doi.org/10.5089/9781475571042.001\n- Stock No: WPIEA2017012\n- ISBN: 9781475571042\n- ISSN: 1018-5941"
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Business cycles, Credit, Credit cycles, Economic growth, Financial cycles, Financial institutions, Financial sector policy and analysis, Money, State-owned banks\n- Keywords: business cycle, Business cycles, Credit, Credit cycles, credit growth, credit response, credit shock, credit slowdown, financial condition, financial conditions index, financial conditions shock, Financial cycle, Financial cycles, Global, public-sector credit, State-owned banks, WP\n\nIvo Krznar, and Troy D Matheson. \"Financial and Business Cycles in Brazil\", IMF Working Papers 2017, 012 (2017), accessed 9/18/2026, https://doi.org/10.5089/9781475571042.001\n\n---\n\n Content in this bundle\n\n- Financial and Business Cycles in Brazil\n  - Financial and Business Cycles in Brazil (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Financial and Business Cycles in Brazil (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/01/24/financial-and-business-cycles-in-brazil-44577"
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    "Authors: Ivo Krznar, Troy D Matheson",
    "Published: January 24, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475571042.001",
    "Paper explores the nexus between the financial cycle and business cycle in Brazil.",
    "Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazilian economy.",
    "Advantage of the model-based approach: financial and business cycles can be jointly estimated, allowing information from all key economic relationships to be used in a consistent way.",
    "Publication type: IMF Working Papers.",
    "Estimation approaches:",
    "Joint estimation feature:",
    "Brazil is now in the downturn phase of the financial cycle.",
    "Results underscore the importance of macro-financial linkages.",
    "Results highlight risks to the recovery going forward.",
    "Macro-financial linkages are important for cycle dynamics and for assessing recovery prospects.",
    "Downturn phase of the financial cycle implies heightened risks to economic recovery.",
    "Pages: 28",
    "Volume: 2017",
    "Issue: 012",
    "Series: Working Paper No. 2017/012",
    "DOI: https://doi.org/10.5089/9781475571042.001",
    "Stock No: WPIEA2017012",
    "ISBN: 9781475571042",
    "ISSN: 1018-5941",
    "Subject: Business cycles, Credit, Credit cycles, Economic growth, Financial cycles, Financial institutions, Financial sector policy and analysis, Money, State-owned banks",
    "Keywords: business cycle, Business cycles, Credit, Credit cycles, credit growth, credit response, credit shock, credit slowdown, financial condition, financial conditions index, financial conditions shock, Financial cycle, Financial cycles, Global, public-sector credit, State-owned banks, WP",
    "**Financial and Business Cycles in Brazil**"
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