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The Positive Link between Financial Liberalization, Growth and Crises
Tornell, Aaron; Westermann, Frank; Martinez Trigueros, … - 2021
There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...
Persistent link: https://www.econbiz.de/10013319362
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Systemic crisis and growth revisited : has the global financial crisis marked a new era?
Steinkamp, Sven; Westermann, Frank - 2018
Occasional crises have been shown to be part of growth enhancing mechanism (see Rancière, Tornell and Westermann, 2008). In this paper, we document that neither the stereotypical case study of India vs. Thailand, nor the benchmark growth-regression in this earlier research support this result...
Persistent link: https://www.econbiz.de/10011869010
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Systemic crisis and growth revisited : has the global financial crisis marked a new era?
Steinkamp, Sven; Westermann, Frank - 2018
Occasional crises have been shown to be part of growth enhancing mechanism (see Rancière, Tornell and Westermann, 2008). In this paper, we document that neither the stereotypical case study of India vs. Thailand, nor the benchmark growth-regression in this earlier research support this result...
Persistent link: https://www.econbiz.de/10011863602
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Decomposing the effects of financial liberalization : crises vs. growth
Rancière, Romain; Tornell, Aaron; Westermann, Frank - 2006
We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis....
Persistent link: https://www.econbiz.de/10009660995
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Systemic Crisis and Growth Revisited : Has the Global Financial Crisis Marked a New Era?
Steinkamp, Sven - 2018
Occasional crises have been shown to be part of growth enhancing mechanism (see Rancière, Tornell and Westermann, 2008). In this paper, we document that neither the stereotypical case study of India vs. Thailand, nor the benchmark growth-regression in this earlier research support this result...
Persistent link: https://www.econbiz.de/10012914607
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Systemic Crises and Growth
Rancière, Romain G.; Tornell, Aaron; Westermann, Frank - 2005
risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises …
Persistent link: https://www.econbiz.de/10014060801
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Crises and Growth : A Re-Evaluation
Rancière, Romain G.; Tornell, Aaron; Westermann, Frank - 2005
risk arises and firms find it optimal to take on credit risk in the form of currency mismatch. Along such a risky path … adoption of credit risk is welfare improving and brings the allocation nearer to the Pareto optimal level. The design of the … model is motivated by several features of recent crises: credit risk in the form of foreign currency denominated debt …
Persistent link: https://www.econbiz.de/10014060802
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Systemic Crises and Growth
Rancière, Romain G.; Tornell, Aaron; Westermann, Frank - 2021
risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises …
Persistent link: https://www.econbiz.de/10013318563
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Crises and Growth : A Re-Evaluation
Rancière, Romain G.; Tornell, Aaron; Westermann, Frank - 2021
risk arises and firms find it optimal to take on credit risk in the form of currency mismatch. Along such a risky path … adoption of credit risk is welfare improving and brings the allocation nearer to the Pareto optimal level. The design of the … model is motivated by several features of recent crises: credit risk in the form of foreign currency denominated debt …
Persistent link: https://www.econbiz.de/10013319365
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Transmission of nominal exchange rate changes to export prices and trade flows and implications for exchange rate policy
Hoffmann, Mathias; Holtemöller, Oliver - 2009
We discuss how the welfare ranking of fixed and flexible exchange rate regimes in a New Open Economy Macroeconomics model depends on the interplay between the degree of exchange rate pass-through and the elasticity of substitution between home and foreign goods. We identify combinations of these...
Persistent link: https://www.econbiz.de/10003870831