Izvorni znanstveni članak
https://doi.org/10.18045/zbefri.2019.1.113
Financial, business and trust cycles: the issues of synchronization
Yuriy Bilan
; Associate Professor, Faculty of Management, Rzeszow University of Technology, al. Powstańców Warszawy 12, 35-959, Rzeszów, Poland
Maryna Brychko
orcid.org/0000-0002-9351-3280
; Senior Lecturer, Department of Finance, Banking, and Insurance, Sumy State University, Rymskogo-Korsakova st., 2, 40007 Sumy, Ukraine
Anna Buriak
orcid.org/0000-0003-2954-483X
; Associate Professor, Department of Finance, Banking, and Insurance, Sumy State University, Rymskogo-Korsakova st., 2, 40007 Sumy, Ukraine
Tetyana Vasilyeva
; Full Professor, Educational and Research institute of Finance, Economy and Management named Oleg Balatskiy, Sumy State University, Rymskogo-Korsakova st., 2, 40007 Sumy, Ukraine
Sažetak
Starting from 1920, the growing body of research has been focused on the role of psychological factors in cycle theories. Mainstream macroeconomic models are insufficient for exploring interaction among economic agents, financial institutions, and the real sector of economy. This paper is among the first to show the synchronization of financial and business cycles through the trust cycle but with a certain delay in terms. The paper presents the conceptualization of trust as a combination of two pillars – structure-based confidence based on objective information about system competences, regulations, and norms, and sentiment-driven actions of economic agents (feelings, emotions, and other subjective characteristics). The paper offers a theoretical descriptive model of a trust cycle that allows exploring several stages of correlation between financial fluctuations, trust changes, and large swings in business cycle
Ključne riječi
trust cycle; business cycle; financial cycle; economic agents’ behavior
Hrčak ID:
221673
URI
Datum izdavanja:
28.6.2019.
Posjeta: 1.753 *