Boom-bust cycles and financial liberalization

116 citations recorded by the source corpus.

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective (2015, unknown): “The assumption that non-tradable goods can be pledged as collateral is consistent with the evidence reported by Tornell and Westermann (2005) on the use of international credit to finance booms in the non-tradable sector.”
Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles (2007, background): “Moreover, Tornell and Westermann (2005) argue that financial liberalization triggers lending boom-bust cycles in economies with credit restrictions and overall imperfections in financial markets.”
Financial liberalization and bank risk-taking: International evidence (2014, background): “Tornell and Westermann (2005) argue that these distortions are more prevalent in emerging markets.”
Overborrowing and systemic externalities in the business cycle (2009, background): “Rational expectation condition: the perceived law of motion is consistent with the actual law of motion: Γ(B, yT ) = b̂(B,B, yT ).”