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| Author: | Guha, D. Hiris, L. |
| Title: | The aggregate credit spread and the business cycle |
| Journal: | International Review of Financial Analysis
2002 : VOL. 11:2, p. 219-228 |
| Index terms: | BUSINESS CYCLES CREDIT ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | The authors of the article provide an opinion that an empirical investigation of the credit spread between yields on corporate and treasury bonds shows that it is closely related to macroeconomic fluctuations. The authors of the article also state that the spread behaves counter-cyclically, that is, it narrows during business cycle expansions and widens during contractions. The paper provides the results that also show that the credit spread is a leading indicator of macroeconomic business conditions and turning points in the credit spread can anticipate business cycle turning points |
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