{
  "title": "An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data",
  "publication": "IMF Working Papers, September 1, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/an-anatomy-of-credit-booms-evidence-from-macro-aggregates-and-micro-data-22257",
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  "summary": "We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Authors: Marco Terrones, Enrique G. Mendoza\n- Date: September 1, 2008\n- Series: Working Paper No. 2008/226\n- Pages: 50\n- DOI: https://doi.org/10.5089/9781451870848.001\n- ISSN: 1018-5941\n- ISBN: 9781451870848\n\n- Core research question: Characterize credit booms in emerging and industrial economies using macro aggregates and micro data."
    },
    {
      "heading": "Macro-level findings",
      "content": "- Credit booms are systematically associated with:\n  - economic expansions\n  - rising asset prices\n  - real appreciations\n  - widening external deficits\n\n- Additional macro-level observations:\n  - Credit booms are larger in emerging economies, particularly in the nontradables sector.\n  - Most emerging markets crises are associated with credit booms."
    },
    {
      "heading": "Micro-level findings",
      "content": "- Micro data show a strong association between credit booms and:\n  - leverage ratios\n  - firm values\n  - banking fragility"
    },
    {
      "heading": "External flows and structural factors",
      "content": "- Credit booms in emerging economies are often preceded by large capital inflows.\n- Credit booms in emerging economies are not typically preceded by financial reforms or productivity gains."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Capital inflows, Credit, Credit booms, Financial crises, Sudden stops\n- Keywords: business cycle, credit boom, credit boom event, credit booms in Chile, credit expansion, credit issuance, credit transmission channel, credit transmission mechanisms, credit-GDP ratio, current account, dynamics of macro, private sector, WP"
    },
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      "heading": "Publication identifiers and metadata",
      "content": "- Volume: 2008\n- Issue: 226\n- Stock No: WPIEA2008226\n\nIMF Working Paper — An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data (Terrones and Mendoza, September 1, 2008).\n\n---\n\n Content in this bundle\n\n- wp08226\n  - wp08226 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp08226 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/an-anatomy-of-credit-booms-evidence-from-macro-aggregates-and-micro-data-22257"
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    "Authors: Marco Terrones, Enrique G. Mendoza",
    "Published: September 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451870848.001",
    "Authors: Marco Terrones, Enrique G. Mendoza",
    "Date: September 1, 2008",
    "Series: Working Paper No. 2008/226",
    "Pages: 50",
    "DOI: https://doi.org/10.5089/9781451870848.001",
    "ISSN: 1018-5941",
    "ISBN: 9781451870848",
    "Core research question: Characterize credit booms in emerging and industrial economies using macro aggregates and micro data.",
    "Credit booms are systematically associated with:",
    "Additional macro-level observations:",
    "Micro data show a strong association between credit booms and:",
    "Credit booms in emerging economies are often preceded by large capital inflows.",
    "Credit booms in emerging economies are not typically preceded by financial reforms or productivity gains.",
    "Subject: Capital inflows, Credit, Credit booms, Financial crises, Sudden stops",
    "Keywords: business cycle, credit boom, credit boom event, credit booms in Chile, credit expansion, credit issuance, credit transmission channel, credit transmission mechanisms, credit-GDP ratio, current account, dynamics of macro, private sector, WP",
    "Volume: 2008",
    "Issue: 226",
    "Stock No: WPIEA2008226",
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