Credit Market Imperfections In Middle Income Countries
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Credit Market Imperfections in Middle Income Countries
Author | : Aaron Tornell |
Publisher | : |
Total Pages | : 46 |
Release | : 2003 |
Genre | : Business cycles |
ISBN | : |
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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.