Systemic crises and growth
Our rough guess is there are 13,500 words in this book.
At a pace averaging 250 words per minute, this book will take 0 hours and 54 minutes to read. With a half hour per day, this will take 2 days to read.
How long will it take you?
This book will take an estimated to read at a reading speed averaging words per minute. With 30 minutes per day, this will take to read.
Enter your reading speedYou can take one of our WPM reading speed tests to find your reading speed.
Create a free account to track your reading progress, build your reading list, and set reading goals.
Author
Contributions
- Tornell, Aaron. - Contributor
- Westermann, Frank. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2005 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
13,500 words, Guess
Page Count
54 pages
Identifiers
- OCLC Control Number57665221
- Open LibraryOL17625532M
Description
"In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between variance and growth typically found in the literature. To explain the link between crises and growth we present a model where weak institutions lead to severe financial constraints and low growth. Financial liberalization policies that facilitate risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises. Conditions are established under which the costs of crises are outweighed by the benefits of higher growth"--National Bureau of Economic Research web site.
Description
"In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between variance and growth typically found in the literature. To explain the link between crises and growth we present a model where weak institutions lead to severe financial constraints and low growth. Financial liberalization policies that facilitate risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises. Conditions are established under which the costs of crises are outweighed by the benefits of higher growth"--National Bureau of Economic Research web site.
Subjects
Series Statement
- NBER working paper series -- no. 11076.
- Working paper series (National Bureau of Economic Research) -- working paper no. 11076.
Links
Other Editions
- Systemic crises and growth
Reader Reviews
No reviews yet for this book.
Be the first to share your thoughts!