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Review of Tornell and Westermann's Boom Bust Cycles and Financial Liberalization

Author

Listed:
  • Jean Imbs

    (Center for Economic Research - CEPR, HEC Lausanne - Faculté des Hautes Etudes Commerciales (HEC Lausanne))

Abstract

Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies.

Suggested Citation

  • Jean Imbs, 2007. "Review of Tornell and Westermann's Boom Bust Cycles and Financial Liberalization," Post-Print hal-00612648, HAL.
    • Handle: RePEc:hal:journl:hal-00612648
    DOI: 10.1016/j.jinteco.2006.09.002
    as

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    Keywords

    Financial Liberalization; Bail-out;

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