| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18379 |
| 来源ID | Working Paper 18379 |
| An Anatomy of Credit Booms and their Demise | |
| Enrique G. Mendoza; Marco E. Terrones | |
| 发表日期 | 2012-09-13 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | What are the stylized facts that characterize the dynamics of credit booms and the associated fluctuations in macro-economic aggregates? This paper answers this question by applying a method proposed in our earlier work for measuring and identifying credit booms to data for 61 emerging and industrial countries over the 1960-2010 period. We identify 70 credit boom events, half of them in each group of countries. Event analysis shows a systematic relationship between credit booms and a boom-bust cycle in production and absorption, asset prices, real exchange rates, capital inflows, and external deficits. Credit booms are synchronized internationally and show three striking similarities in industrial and emerging economies: (1) credit booms are similar in duration and magnitude, normalized by the cyclical variability of credit; (2) banking crises, currency crises or Sudden Stops often follow credit booms, and they do so at similar frequencies in industrial and emerging economies; and (3) credit booms often follow surges in capital inflows, TFP gains, and financial reforms, and are far more common with managed than flexible exchange rates. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w18379 |
| 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/576056 |
| 推荐引用方式 GB/T 7714 | Enrique G. Mendoza,Marco E. Terrones. An Anatomy of Credit Booms and their Demise. 2012. |
| 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 | ||
| w18379.pdf（582KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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