According to the research of \citep{Drehmann2012}, \citep{Drehmann_2013}, \cite{Scharnagl2016}, \cite{Strohsal2019b}, \cite{Galati2016b}, \cite{Claessens2014a} financial cycles exhibit a medium-term pattern (ranging from 10-19 years). Cycles show the tendency to be longer and with a larger amplitude after the post-1985 period \citep{Drehmann2012}. Aforementioned studies, from a large set of financial variables, isolate three main financial cycles determinants. According to their study results, financial cycles can be approximated using financial data from property markets (housing prices) and credit markets (volume of credits and credits share in the GDP). Financial cycles can be measured using data on residential property prices, real credit and credit-to-GDP ratio \citep{Drehmann2012}. Measurement methods on financial cycles range from frequency to time-domain analysis. \cite{claessens2011financial,Claessens2012} and \citep{Drehmann2012} adapt the turning points methods developed by \citep*{bry1971cyclical}, \cite{Harding2002} to measure financial cycles.
The second group of literature explore the impact of financial cycles on real economic activity (business cycles).