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Boom-bust cycles in middle income countries : facts and explanation

Author: Aaron Tornell; Frank Westermann; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2002.
Series: Working paper series (National Bureau of Economic Research), no. 9219.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have witnessed the development of lending booms. Most of the time the boom gradually decelerates. But sometimes the boom ends  Read more...
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Additional Physical Format: Print version:
Tornell, Aaron.
Boom-bust cycles in middle income countries.
Cambridge, Mass. : National Bureau of Economic Research, ©2002
(OCoLC)50793372
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Aaron Tornell; Frank Westermann; National Bureau of Economic Research.
OCLC Number: 50820167
Notes: "September 2002."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (38, [7] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 9219.
Responsibility: Aaron Tornell, Frank Westermann.

Abstract:

Abstract: In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have witnessed the development of lending booms. Most of the time the boom gradually decelerates. But sometimes the boom ends in twin currency and banking crises, and is followed by a protracted credit crunch that outlives a short-lived recession. We also find that during lending booms there is a real appreciation and the nontradables (N) sector grows faster than the tradables (T) sector. Meanwhile, the opposite is true in the aftermath of crisis. We argue that these comovements are generated by the interaction of two characteristics of financing typical of middle income countries: risky currency mismatch and asymmetric financing opportunities across the N- and T-sectors.

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