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Systemic crises and growth

Author: Romain Ranciere; Aaron Tornell; Frank Westermann; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), working paper no. 11076.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between variance and growth typically found in the literature.  Read more...
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Romain Ranciere; Aaron Tornell; Frank Westermann; National Bureau of Economic Research.
OCLC Number: 57665221
Notes: "January 2005."
Description: 54 unnumbered pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 11076.
Responsibility: Romain Ranciere, Aaron Tornell, Frank Westermann.

Abstract:

"In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between variance and growth typically found in the literature. To explain the link between crises and growth we present a model where weak institutions lead to severe financial constraints and low growth. Financial liberalization policies that facilitate risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises. Conditions are established under which the costs of crises are outweighed by the benefits of higher growth"--National Bureau of Economic Research web site.

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