Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience

Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience

The turbulence in financial markets is Southeast Asia in 1997-98 and the crisis in Mexico in 1994-95 have renewed interest among policymarkers in the issues of capital account liberalization and financial sector reform. In all the East Asian cases and in Mexico, as well as in many other earlier epis...

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Autores principales: Hernández T., Leonardo, Landerretche M., Óscar
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
MERCADO FINANCIERO
Acceso en línea:https://hdl.handle.net/20.500.12580/3642
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spelling oai-20.500.12580-36422021-04-24T10:57:00Z Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience Hernández T., Leonardo Landerretche M., Óscar MERCADO FINANCIERO The turbulence in financial markets is Southeast Asia in 1997-98 and the crisis in Mexico in 1994-95 have renewed interest among policymarkers in the issues of capital account liberalization and financial sector reform. In all the East Asian cases and in Mexico, as well as in many other earlier episodes such as that of Chile in the late 1970s, countries that saw a rapid growth in bank credit typically experienced a financial crisis later on. Bank lending booms in these emerging market economies, often financed by a surge in capital inflows, led to everborrowing and asset price inflation, exacerbating financial fragility and macroeconomic vulnerability. This pattern has led several authors to argue in favor of imposing capital controls to avoid the excesses in financial markets that can lead to distress and crisis. 2019-11-01T00:01:25Z 2019-11-01T00:01:25Z 2002 Artículo 956-7421-072 https://hdl.handle.net/20.500.12580/3642 eng Serieson Central Banking, Analysis, and Economic Policies, no. 3 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 199-233 application/pdf Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic MERCADO FINANCIERO
spellingShingle MERCADO FINANCIERO
Hernández T., Leonardo
Landerretche M., Óscar
Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
description The turbulence in financial markets is Southeast Asia in 1997-98 and the crisis in Mexico in 1994-95 have renewed interest among policymarkers in the issues of capital account liberalization and financial sector reform. In all the East Asian cases and in Mexico, as well as in many other earlier episodes such as that of Chile in the late 1970s, countries that saw a rapid growth in bank credit typically experienced a financial crisis later on. Bank lending booms in these emerging market economies, often financed by a surge in capital inflows, led to everborrowing and asset price inflation, exacerbating financial fragility and macroeconomic vulnerability. This pattern has led several authors to argue in favor of imposing capital controls to avoid the excesses in financial markets that can lead to distress and crisis.
format Artículo
author Hernández T., Leonardo
Landerretche M., Óscar
author_facet Hernández T., Leonardo
Landerretche M., Óscar
author_sort Hernández T., Leonardo
title Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
title_short Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
title_full Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
title_fullStr Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
title_full_unstemmed Capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
title_sort capital inflows, credit booms, and macroeconomic vulnerability: the cross-country experience
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3642
work_keys_str_mv AT hernandeztleonardo capitalinflowscreditboomsandmacroeconomicvulnerabilitythecrosscountryexperience
AT landerretchemoscar capitalinflowscreditboomsandmacroeconomicvulnerabilitythecrosscountryexperience
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