| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11076 |
| 来源ID | Working Paper 11076 |
| Systemic Crises and Growth | |
| Romain Ranciere; Aaron Tornell; Frank Westermann | |
| 发表日期 | 2005-01-24 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | 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 contract enforce-ability problems generate borrowing constraints and impede growth. In the set of financially liberalized countries with a moderate degree of contract enforceability, systemic risk-taking relaxes borrowing constraints and increases investment. This leads to higher mean growth, but also to greater incidence of crises. We find that the negative link between skewness and growth is indeed strongest in this set of countries, validating the restrictions imposed by the model's equilibrium. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w11076 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568711 |
| 推荐引用方式 GB/T 7714 | Romain Ranciere,Aaron Tornell,Frank Westermann. Systemic Crises and Growth. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11076.pdf（934KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
