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Discerning Good from Bad Credit Booms: The Role of Construction

Author

Listed:
  • Mr. Giovanni Dell'Ariccia
  • Mr. Ehsan Ebrahimy
  • Ms. Deniz O Igan
  • Mr. Damien Puy

Abstract

Credit booms are a focal point for policymakers and scholars of financial crises. Yet our understanding of how the real sector behaves during booms, and why some booms may go bad, is limited. Despite a large and growing body of literature, most of the work has focused on aggregate economic activity, and relatively little is known about which industries benefit and which suffer during these episodes. This note aims to fill this gap by analyzing disaggregated output and employment data in a large sample of advanced and emerging market economies between 1970 and 2014.

Suggested Citation

  • Mr. Giovanni Dell'Ariccia & Mr. Ehsan Ebrahimy & Ms. Deniz O Igan & Mr. Damien Puy, 2020. "Discerning Good from Bad Credit Booms: The Role of Construction," IMF Staff Discussion Notes 2020/002, International Monetary Fund.
    • Handle: RePEc:imf:imfsdn:2020/002
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    Citations

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    Cited by:

    1. David Cronin & Kieran McQuinn, 2023. "The housing net worth channel and the public finances: evidence from a European country panel," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 30(5), pages 1251-1265, October.
    2. Bouvatier, Vincent & El Ouardi, Sofiane, 2023. "Credit gaps as banking crisis predictors: A different tune for middle- and low-income countries," Emerging Markets Review, Elsevier, vol. 54(C).
    3. Rym Ayadi & Sami B. Naceur & Sandra Challita, 2023. "Does income inequality really matter for credit booms?," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 52(1), February.
    4. Rojas, Eugenio & Saffie, Felipe, 2022. "Non-homothetic sudden stops," Journal of International Economics, Elsevier, vol. 139(C).
    5. Leonida Correia & Maria Joao Ribeiro, 2023. "Macroeconomics and the Construction Sector: Evidence from Portugal," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 9(1), pages 9-26, January.
    6. Bank for International Settlements, 2022. "Private sector debt and financial stability," CGFS Papers, Bank for International Settlements, number 67, december.
    7. Nikolay Peykov, 2021. "Sectoral Output Gaps – Estimates for Bulgaria," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 5-26, March.

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