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An Anatomy of Credit Booms [electronic resource] : Evidence From Macro Aggregates and Micro Data, Terrones, Marco.

Author/Creator:
Terrones, Marco.
Publication:
Washington, D.C. : International Monetary Fund, 2008.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 08/226.
IMF Working Papers; Working Paper No. 08/226
Format/Description:
Government document
Book
1 online resource (50 p.)
Local subjects:
Asian financial crisis.
Bank nationalization.
Bank runs.
Banking crises.
Banking crisis.
Banking supervision.
Business cycles.
Capital account restrictions.
Capital adequacy.
Capital adequacy ratio.
Capital expenditures.
Capital flows.
Capital inflow.
Capital inflows.
Consumer price index.
Credit boom.
Credit booms.
Credit expansion.
Credit market.
Crisis countries.
Currency crises.
Currency crisis.
Current account balance.
Current account deficits.
Debt crisis.
Debt service.
Emerging markets.
Equity prices.
Financial crises.
Financial crisis.
Financial deepening.
Financial indicators.
Financial integration.
Financial liberalization.
Financial reforms.
Foreign capital.
Likelihood of financial crises.
Macroeconomic policies.
Productivity.
Prudential regulation.
Real appreciation.
Recessions.
Reserve requirements.
Securities market.
Securities markets.
Securitization.
Short term debt.
Stock exchanges.
Working capital.
Chile.
Summary:
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.
Notes:
Description based on print version record.
Contributor:
Mendoza, Enrique G.
Terrones, Marco.
Other format:
Print Version:
ISBN:
1451870841:
9781451870848
ISSN:
1018-5941
Publisher Number:
10.5089/9781451870848.001
Access Restriction:
Restricted for use by site license.
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