Blackburn, K. — Pelloni, A. (2002): Growth, Cycles and Stabilisation Policy.
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Blackburn, K. — Pelloni, A. (2004
on the businesscycle, while very few focused on the potential implications of monetary policy on the financial cycle itself. Financial cycles have different characteristics than economic cycles. Financial cycles have a medium-term character, are
of vulnerability typical of a dual economy: they were heavily dependent on orders from their larger foreign partners, and thus extremely susceptible to the businesscycles that affected them. Given their financial dependence on these orders, they were