Crises, credit booms and monetary regime

Youssef Ghallada, Alexandre Girard and Kim Oosterlinck

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: In theory credit booms, and the crises associated to these booms, should occur more frequently in Fiat monetary regimes than in regimes, such as the Gold Standard, where money creation is constrained. In this note, we investigate whether the importance of the credit boom factor, as an early warning indicator (EWI) of systemic financial crises, varies across monetary regimes for a sample of 17 developed countries over the 1870-2016 period. We find no evidence of a difference between monetary regime for credit-driven crises and this both for the occurrence and the severity of crises.

Date: 2021-03-01
New Economics Papers: this item is included in nep-fdg, nep-his, nep-mac and nep-mon
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Published in: Economics bulletin (2021) v.41 n° 3,p.1431-1443

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