Lending Booms, Smart Bankers, and Financial Crises
نویسندگان
چکیده
منابع مشابه
Lending Booms, Smart Bankers and Financial Crises
This paper develops a theory of financial crises that explains why crises should be expected to follow periods of sustained lending booms and high banking profitability. When the behavior of agents is affected by the availability heuristic and there is a long period of sustained banking profitability, all agents—banks as well as those who fund banks and those who regulate them—end up in an “ava...
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Using a new country-level panel database, we explore effect of capital inflow surges, credit booms and financial fragility on the probability of banking crises. We find that booms increase the probability of a crisis only in relatively fragile financial systems. © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/lice...
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The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country’s stability, they demand a high interest on the debt, exacerbat...
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Emerging market economies in the nineteen nineties have experienced periods of booms followed by collapses in gross domestic product, consumption, traded and nontraded sector output and real exchange rate movements alongside unprecedented movements in foreign investor participation in these economies. An important feature of these episodes is the asymmetry in the pattern of booms and collapses....
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2015
ISSN: 0002-8282
DOI: 10.1257/aer.p20151090