An Anatomy of Credit Booms [electronic resource] : Evidence From Macro Aggregates and Micro Data, Terrones, Marco.
- Washington, D.C. : International Monetary Fund, 2008.
- IMF eLibrary
IMF Working Papers; Working Paper No. 08/226.
IMF Working Papers; Working Paper No. 08/226
- Government document
1 online resource (50 p.)
- Local subjects:
- Asian financial crisis.
Capital account restrictions.
Capital adequacy ratio.
Consumer price index.
Current account balance.
Current account deficits.
Likelihood of financial crises.
Short term debt.
- We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits. Micro data show a strong association between credit booms and leverage ratios, firm values, and banking fragility. We also find that credit booms are larger in emerging economies, particularly in the nontradables sector; most emerging markets crises are associated with credit booms; and credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains.
- Description based on print version record.
- Mendoza, Enrique G.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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