MARC Record from Library of Congress

LEADER: 02322cam a22002897a 4500
001 2009656106
003 DLC
005 20090619095036.0
007 cr |||||||||||
008 090618s2008 dcu sb f000 0 eng
010 $a 2009656106
040 $aDLC$cDLC
050 00 $aHG3879
100 1 $aMendoza, Enrique G.,$d1963-
245 13 $aAn anatomy of credit booms$h[electronic resource] :$bevidence from macro aggregates and micro data /$cEnrique G. Mendoza and Marco E. Terrones.
260 $aWashington, D.C. :$bFederal Reserve Board,$c[2008]
490 1 $aInternational finance discussion papers ;$vno. 936
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/18/2009.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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"--Federal Reserve Board web site.
653 $aCredit booms;$abusiness cycles;$aemerging markets
700 1 $aTerrones, Marco.
830 0 $aInternational finance discussion papers (Online) ;$vno. 936.
856 40 $uhttp://www.federalreserve.gov/pubs/ifdp/2008/936/default.htm