Download Boom-Bust Cycles and Financial Liberalization (CESifo Book Series)
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The volatility that has hit many middle-income countries (MICs) after liberalizimgtheir financial markets has prompted critics to call for new policies to stabilize these boom-bustcycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decadesmost of the developing countries that have experienced lending booms and busts have also exhibitedthe fastest growth among MICs. Countries with more stable credit growth, by contrast, haveexhibited, on average, lower growth rates. Factors that contribute to financial fragility thusappear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyzeboom-bust cycles in the developing world and discuss how these cycles are generated by credit marketimperfections. They explain why the financial liberalization that allows countries to overcomeimperfections impeding rapid growth also generates the financial fragility that leads to greatervolatility and occasional crises. The conceptual framework they present illustrates this linkage andallows Tornell and Westermann to address normative questions regarding liberalization policies.Theauthors also characterize key macroeconomic regularities observed across MICs, showing that creditmarkets play a key role not only in boom-bust episodes but in the strong "credit channel" observedduring tranquil times. A theoretical framework is then presented that explains how credit marketimperfections can account for these empirical patterns. Finally, Tornell and Westermann providemicroeconomic evidence on the credit market imperfections that drive the results of the theoreticalframework, finding that asymmetries between tradables and nontradables are key to understanding thepatterns in MIC data. United States and the IMF Material about United States and its activities with the IMF
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