Boom-Bust Cycles and Financial Liberalization

Analysis and evidence of how the factors that give rise to boom-bust cycles in fast-growing developing economies also enhance long-run growth.The volatility that has hit many middle-income countries (MICs) after liberalizing their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But as Aaron Tornell and Frank Westermann point out in this book over the last two decades most of the developing countries that have experienced lending booms and bust...See More