Boom-bust cycles and financial liberalization:
The volatility around financial crises that have hit many middle-income countries (MICs) after they liberalize their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last t...
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| Hauptverfasser: | , |
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| Format: | Buch |
| Sprache: | English |
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Cambridge, Massachusetts ; London, England
The MIT Press
[2005]
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| Schriftenreihe: | CESifo book series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | The volatility around financial crises that have hit many middle-income countries (MICs) after they liberalize their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the developing countries that have experienced lending booms and busts have also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on average, lower growth rates. Factors that contribute to financial fragility thus appear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies. The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data. |
| Beschreibung: | Literaturverz. S.167-174 |
| Beschreibung: | [XI], 186 Seiten Diagramme |
| ISBN: | 0262201593 9780262201599 9780262526241 |
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| 520 | 8 | |a The volatility around financial crises that have hit many middle-income countries (MICs) after they liberalize their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the developing countries that have experienced lending booms and busts have also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on average, lower growth rates. Factors that contribute to financial fragility thus appear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies. The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data. | |
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Datensatz im Suchindex
| _version_ | 1804135155497959424 |
|---|---|
| adam_text | CONTENTS SERIES FOREWORD IX ACKNOWLEDGMENTS XI 1 INTRODUCTION 1 2 ROAD
MAP 7 3 THE LONG RUN: LIBERALIZATION, GROWTH, AND CRISES 21 4 THE SHORT
RUN: BOOM-BUST CYCLES AND THE CREDIT CHANNEL 47 5 THE CONCEPTUAL
FRAMEWORK 87 6 CREDIT MARKET IMPERFECTIONS IN MIDDLE-INCOME COUNTRIES
117 7 CONCLUSIONS AND POLICY IMPLICATIONS 141 APPENDIX: DATA SOURCES AND
DEFINITIONS 147 NOTES 155 REFERENCES 167 LIST OF ABBREVIATIONS 175 INDEX
177
|
| adam_txt |
CONTENTS SERIES FOREWORD IX ACKNOWLEDGMENTS XI 1 INTRODUCTION 1 2 ROAD
MAP 7 3 THE LONG RUN: LIBERALIZATION, GROWTH, AND CRISES 21 4 THE SHORT
RUN: BOOM-BUST CYCLES AND THE CREDIT CHANNEL 47 5 THE CONCEPTUAL
FRAMEWORK 87 6 CREDIT MARKET IMPERFECTIONS IN MIDDLE-INCOME COUNTRIES
117 7 CONCLUSIONS AND POLICY IMPLICATIONS 141 APPENDIX: DATA SOURCES AND
DEFINITIONS 147 NOTES 155 REFERENCES 167 LIST OF ABBREVIATIONS 175 INDEX
177 |
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| spelling | Tornell, Aaron Verfasser (DE-588)124152236 aut Boom-bust cycles and financial liberalization Aaron Tornell and Frank Westermann Boom bust cycles and financial liberalization Cambridge, Massachusetts ; London, England The MIT Press [2005] © 2005 [XI], 186 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier CESifo book series Literaturverz. S.167-174 The volatility around financial crises that have hit many middle-income countries (MICs) after they liberalize their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the developing countries that have experienced lending booms and busts have also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on average, lower growth rates. Factors that contribute to financial fragility thus appear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies. The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data. Business cycles gtt Crises financières - Pays en voie de développement Crédit - Pays en voie de développement Finances - Pays en voie de développement Financiële crises gtt Internationale Kapitalbewegung swd Konjunktur swd Unvollkommener Markt swd Wirtschaftswachstum swd Entwicklungsländer Credit Developing countries Finance Developing countries Financial crises Developing countries Entwicklungsländer swd Schwellenländer swd Westermann, Frank 1970- Verfasser (DE-588)128844604 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014658906&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Tornell, Aaron Westermann, Frank 1970- Boom-bust cycles and financial liberalization Business cycles gtt Crises financières - Pays en voie de développement Crédit - Pays en voie de développement Finances - Pays en voie de développement Financiële crises gtt Internationale Kapitalbewegung swd Konjunktur swd Unvollkommener Markt swd Wirtschaftswachstum swd Entwicklungsländer Credit Developing countries Finance Developing countries Financial crises Developing countries |
| title | Boom-bust cycles and financial liberalization |
| title_alt | Boom bust cycles and financial liberalization |
| title_auth | Boom-bust cycles and financial liberalization |
| title_exact_search | Boom-bust cycles and financial liberalization |
| title_exact_search_txtP | Boom-bust cycles and financial liberalization |
| title_full | Boom-bust cycles and financial liberalization Aaron Tornell and Frank Westermann |
| title_fullStr | Boom-bust cycles and financial liberalization Aaron Tornell and Frank Westermann |
| title_full_unstemmed | Boom-bust cycles and financial liberalization Aaron Tornell and Frank Westermann |
| title_short | Boom-bust cycles and financial liberalization |
| title_sort | boom bust cycles and financial liberalization |
| topic | Business cycles gtt Crises financières - Pays en voie de développement Crédit - Pays en voie de développement Finances - Pays en voie de développement Financiële crises gtt Internationale Kapitalbewegung swd Konjunktur swd Unvollkommener Markt swd Wirtschaftswachstum swd Entwicklungsländer Credit Developing countries Finance Developing countries Financial crises Developing countries |
| topic_facet | Business cycles Crises financières - Pays en voie de développement Crédit - Pays en voie de développement Finances - Pays en voie de développement Financiële crises Internationale Kapitalbewegung Konjunktur Unvollkommener Markt Wirtschaftswachstum Entwicklungsländer Credit Developing countries Finance Developing countries Financial crises Developing countries Schwellenländer |
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