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Boom-Bust Cycles and Financial Liberalization
Author: Aaron Tornell

ISBN: 9780262201599
Format: Hardcover
Number Of Pages: 168
Published: 17 October 2005
Country of Publication: US
Dimensions (cm): 22.9 x 15.2 x 1.9
Description:


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 occa...

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