Tornell, Aaron; Westermann, Frank; Martínez Trigueros, … - 2004
boom-bust cycles. That is, there is a positive link between GDP growth and the bumpiness of credit, which is captured by … the negative skewness - not by the variance - of credit growth. To substantiate our interpretation of the data we present … a model that shows why in countries with severe credit market imperfections, liberalization leads to higher growth and …