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A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data.
Please choose whether or not you want other users to be able to see on your profile that this library is a favorite of yours. Finding libraries that hold this item Should middle-income countries liberalize domestic interest rates and free international capital flows in the presence of domestic credit market distortions and moral hazard from government rescue operations? Tornell and Westermann show that financial fragility, and the possibility of major crashes, naturally increase with such financial liberalization.
But such liberalization also stimulates growth, albeit unevenly, over the longer term. A must-read for students of development finance. You may have already requested this item.
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International Finance 18 Development 14 Macroeconomics 11 Subscribe now to be the first to hear about specials and upcoming releases. Publication Date January pre-release.
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