Credit Market Imperfections in Middle Income Countries

Aaron Tornell and Frank Westermann

No 9737, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In this paper we document three credit market imperfections prevalent in middle income countries that can help explain the boom-bust cycles as well as other macroeconomic patterns observed at higher frequencies across these countries. These imperfections are: the existence of financing constraints that affect mainly the nontradables sector, currency mismatch and systemic bailout guarantees.

JEL-codes: E32 F32 (search for similar items in EconPapers)
Date: 2003-06
New Economics Papers: this item is included in nep-ifn
Note: IFM
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Citations: View citations in EconPapers (55)

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Working Paper: Credit Market Imperfections in Middle Income Countries (2003)
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