An anatomy of credit booms: evidence from macro aggregates and micro data
"This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14049 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and micro-level data. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations, widening external deficits and managed exchange rates. Micro data show a strong association between credit booms and firm-level measures of leverage, firm values, and external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show three major differences: (1) credit booms and the macro and micro fluctuations associated with them are larger in emerging economies, particularly in the nontradables sector; (2) not all credit booms end in financial crises, but most emerging markets crises were associated with credit booms; and (3) credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains"--National Bureau of Economic Research web site |
| Beschreibung: | 34, [23] S. graph. Darst. 22 cm |
Internformat
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| 100 | 1 | |a Mendoza, Enrique G. |d 1963- |e Verfasser |0 (DE-588)124510612 |4 aut | |
| 245 | 1 | 0 | |a An anatomy of credit booms |b evidence from macro aggregates and micro data |c Enrique G. Mendoza ; Marco E. Terrones |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14049 | |
| 520 | 8 | |a "This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and micro-level data. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations, widening external deficits and managed exchange rates. Micro data show a strong association between credit booms and firm-level measures of leverage, firm values, and external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show three major differences: (1) credit booms and the macro and micro fluctuations associated with them are larger in emerging economies, particularly in the nontradables sector; (2) not all credit booms end in financial crises, but most emerging markets crises were associated with credit booms; and (3) credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Terrones, Marco E. |e Verfasser |0 (DE-588)133432068 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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| id | DE-604.BV023593932 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
| language | English |
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| physical | 34, [23] S. graph. Darst. 22 cm |
| publishDate | 2008 |
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| publisher | National Bureau of Economic Research |
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| spelling | Mendoza, Enrique G. 1963- Verfasser (DE-588)124510612 aut An anatomy of credit booms evidence from macro aggregates and micro data Enrique G. Mendoza ; Marco E. Terrones Cambridge, Mass. National Bureau of Economic Research 2008 34, [23] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14049 "This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and micro-level data. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations, widening external deficits and managed exchange rates. Micro data show a strong association between credit booms and firm-level measures of leverage, firm values, and external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show three major differences: (1) credit booms and the macro and micro fluctuations associated with them are larger in emerging economies, particularly in the nontradables sector; (2) not all credit booms end in financial crises, but most emerging markets crises were associated with credit booms; and (3) credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains"--National Bureau of Economic Research web site Terrones, Marco E. Verfasser (DE-588)133432068 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14049 (DE-604)BV002801238 14049 http://papers.nber.org/papers/w14049.pdf kostenfrei Volltext |
| spellingShingle | Mendoza, Enrique G. 1963- Terrones, Marco E. An anatomy of credit booms evidence from macro aggregates and micro data |
| title | An anatomy of credit booms evidence from macro aggregates and micro data |
| title_auth | An anatomy of credit booms evidence from macro aggregates and micro data |
| title_exact_search | An anatomy of credit booms evidence from macro aggregates and micro data |
| title_exact_search_txtP | An anatomy of credit booms evidence from macro aggregates and micro data |
| title_full | An anatomy of credit booms evidence from macro aggregates and micro data Enrique G. Mendoza ; Marco E. Terrones |
| title_fullStr | An anatomy of credit booms evidence from macro aggregates and micro data Enrique G. Mendoza ; Marco E. Terrones |
| title_full_unstemmed | An anatomy of credit booms evidence from macro aggregates and micro data Enrique G. Mendoza ; Marco E. Terrones |
| title_short | An anatomy of credit booms |
| title_sort | an anatomy of credit booms evidence from macro aggregates and micro data |
| title_sub | evidence from macro aggregates and micro data |
| url | http://papers.nber.org/papers/w14049.pdf |
| volume_link | (DE-604)BV002801238 |
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