Boom-Bust Cycles and Financial Liberalization (CESifo Book Series) Book PDF, ePub eBook

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Book Descriptions:

The volatility that has hit many middle-income countries (MICs) after liberalizimg
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.

Boom-Bust Cycles and Financial Liberalization (CESifo Book Series) by Aaron Tornell

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