全球智库信息集成服务系统(G2TT): An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14049
来源ID	Working Paper 14049
	An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
	Enrique G. Mendoza; Marco E. Terrones
发表日期	2008-05-30
出版年	2008
语种	英语
摘要	This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and micro-level data. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations, widening external deficits and managed exchange rates. Micro data show a strong association between credit booms and firm-level measures of leverage, firm values, and external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show three major differences: (1) credit booms and the macro and micro fluctuations associated with them are larger in emerging economies, particularly in the nontradables sector; (2) not all credit booms end in financial crises, but most emerging markets crises were associated with credit booms; and (3) credit booms in emerging economies are often preceded by large capital inflows but not by financial reforms or productivity gains.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Finance ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w14049
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/571723
推荐引用方式 GB/T 7714	Enrique G. Mendoza,Marco E. Terrones. An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data. 2008.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w14049.pdf（397KB）	智库出版物		限制开放	CC BY-NC-SA	浏览