Finance is the fuel of economic growth. Yet, the same fuel, when excessive and triggered by
a shock of flame, can engender an economic crisis. For decades, the economics literature …

Credit constraints linking debt to market-determined prices embody a systemic credit
externality that drives a wedge between competitive and constrained socially optimal …

This paper proposes a methodology for measuring credit booms and uses it to identify credit
booms in emerging and industrial economies over the past four decades. In addition, we use …

What are the stylized facts that characterize the dynamics of credit booms and the
associated fluctuations in macro-economic aggregates? This paper answers this question …

This paper analyzes the channels through which financial liberalization affects bank risk-
taking in an international sample of 4333 banks in 83 countries. Our results indicate that …

Despite an abundance of cross-section, panel, and event studies, there is strikingly little
convincing documentation of direct positive impacts of financial opening on the economic …

The views on financial liberalization are quite conflictive. Many argue that it triggers financial
bubbles and crises. Others claim that financial liberalization allows markets to function …

A new literature studies the use of capital controls to prevent financial crises. Within this new
framework, we show that when exchange rate policy is costless, there is no need for capital …

Türkiye Cumhuriyet Merkez Bankası (TCMB) 2010 yılının sonlarından itibaren yeni bir para
politikası çerçevesi tasarlayarak uygulamaya koymuştur. Bu makalede, yeni politikanın …

This article asks whether capital inflows bonanzas increase the probability of banking crises
and whether this occurs through a lending boom mechanism. Results indicate that …