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

Jean Imbs

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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.

Keywords: Financial Liberalization; Bail-out (search for similar items in EconPapers)
Date: 2007
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Published in Journal of International Economics, 2007, 71 (2), pp.515-525. ⟨10.1016/j.jinteco.2006.09.002⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00612648

DOI: 10.1016/j.jinteco.2006.09.002

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