After conceptual clarification of "international business cycle" and a review of the literature, a new indicator is proposed. This indicator refers to two time series only and allows for an interna-tionally comparable quantification of a country's position in the business cycle. We then...

The finance-growth nexus is discussed, and a framework for empirical analysis is formulated. Based on data for 93 countries from 1960–1990, a growth equation is estimated. It includes the standard regressors as well as a new proxy for financial activity and interaction effects of the latter...

After conceptual clarification of international business cycle and a review of the literature, a new indicator is proposed. This indicator refers to two time series only and allows for an internationally comparable quantification of a country's position in the business cycle. We then calculate...