Discerning Good from Bad Credit Booms: The Role of Construction
Giovanni Dell'ariccia,
Ehsan Ebrahimy,
Deniz Igan and
Damien Puy
No 2020/002, IMF Staff Discussion Notes from International Monetary Fund
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.
Keywords: SDN; credit boom; household credit growth; construction boom; labor intensity; real value; bad boom; boom episode; x construction; credit boom experience; Credit booms; Consumer credit; Employment; Housing prices; Credit; Global; Financial crisis; Bank credit; Value added (search for similar items in EconPapers)
Pages: 36
Date: 2020-02-12
New Economics Papers: this item is included in nep-fdg
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