Darrat, Ali; Abosedra, Salah; Aly, Hassan - In: Applied Financial Economics 15 (2005) 7, pp. 447-453
The relation between financial market development and the severity of business cycles in the economy of the United Arab Emirates is investigated. No evidence is found of a dampening effect from financial deepening on cyclical fluctuations in the short-run, but strong effects in the long-run....