Back Matter

Back Matter

Author(s):
Christopher Crowe, Simon Johnson, Jonathan Ostry, and Jeronimo Zettelmeyer
Published Date:
August 2010
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    Index

    Note: Figures and tables are indicated by f and t, respectively.

    • Abiad, Abdul, 166, 348, 353

    • Accounting Standards (AS), 398, 409t

    • Acemoglu, Daron, 62, 173, 323, 333

    • Africa, capital account restrictions, 191t, 192

    • Aghion, Philippe, 248, 310

    • Aguiar, M., 131

    • Aizenman, Joshua, 479

    • Albuquerque, Rui, 365, 464

    • Alfaro, Laura, 258, 310, 324

    • Allen, Mark, 109

    • Alonso-Borrego, C., 335

    • Altunbas, Yener, 90–91

    • AMC. See Asset management company

    • Angeloni, Ignazio, 91

    • Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), 181, 183–187, 278, 326–327

    • Aoki, Kosuke, 248

    • Arellano, Manuel, 42, 334–336, 360, 412, 414

    • Arellano and Bond test, 412, 414

    • Arellano-Bond dynamic panel regressions, 361–362t

    • Arellano-Bond method, 49

    • Argentina

      • banking crisis, 544, 549–550

      • Bonex plan, 546–548

      • GDP-linked securities, 443, 444b

      • Tequila crisis, 545–546

    • Arteta, Carlos, 310, 324

    • Artis, Michael J., 247

    • Árvai, Zsófia, 237

    • AS. See Accounting Standards

    • Asea, Patrick, 26

    • Asia

      • banking crisis, 544, 556

      • bond funds, 443b, 510

      • capital account restrictions, 191t, 192

      • CGQ index, 403, 404f, 405–406

      • financial crisis, 59, 60f, 249

      • reserves, 449–450, 454–456, 459, 474–481, 495–506

      • reserves-to-GDP ratios, 481f

    • asset management company (AMC), 539–541, 551, 562

    • asset prices, boom-busts

      • benign neglect, 371–393

      • industrial share prices, 378f

      • OECD countries, 376–382

      • residential property prices, 377f

      • stylized model, 382–392

    • Australia, boom-busts, 375, 377–378t

    • Austria, capital account restrictions, 189

    • bailout guarantees, 144–147

    • Balance of Payments Manual, 199

    • Balance of Payments Statistics (BOPS), 200, 202, 461

    • Baltic countries, credit booms, 40, 44–45, 49–50

    • Bandiera, Oriana, 348

    • Banerjee, Abhijit, 248, 310

    • bank flows, 461–465

    • bank holidays, 537–538, 546

    • bank loans

      • real output, Euro area, 95f

      • subprime, growth, 89f

      • supply, aggregate output, 90, 94–98, 107–109

    • Bank of England, 556

    • Bank of International Settlements (BIS), 202–204

    • bank soundness, credit growth

      • data, 43–45

      • empirical model, 41–42

      • estimation method, 42–43

      • sample coverage, 44t

      • summary statistics, period/region, 45t

    • banking crises

      • dates, 138t, 525–533

      • defined, 16

      • forecast errors, 78f

      • impulse responses, 64, 66–67f, 73–75f, 80f

      • lending booms, standards, 3–5, 16–18, 25–26

      • macroeconomic shocks, 16–18

    • banking crises, descriptive statistics

      • containment, 546–549, 547–548t

      • initial conditions, 543–546, 544t

      • resolution, 549–553

    • banking crises, effect on value-added growth, 124t

      • countries, crises differences, 129t

      • crisis/noncrisis years, 138t

      • developed vs. developing countries, 128t

      • industries differentiated by establishment size, 132t

      • industries differentiated by export orientation, 133t

    • banking crises, real effect of bank distress vs. balance sheet effects, 125–127

      • basic test, 120–123

      • benchmark test, 123–124

      • capital formation growth, establishments, 130t

      • crises inception dates, 138t

      • data, 121–123

      • external dependence, 137t

      • interventions, lending channel, 134–136

      • location importance, 127–131

      • methodology, 120–121

      • policy interventions, 134–135t

      • related literature, 118–120

      • results, 123–136

      • results, asymmetric sector-specific shock, 124–125

      • sector differences, export orientation, 133–134

      • sector differences, firm size, 131–133

      • summary statistics, 122t, 137t

    • banking crises, systemic

      • containment, resolution, 533–543

      • containment policies, 536–538

      • countries, 543

      • crisis dates, 525–533

      • currency crisis dates, 526–533

      • descriptive statistics, 543–553

      • financial crises, frequency, 534t

      • financial crises, timing, 530–533t

      • frequency, 533

      • global liquidity crisis, 553–560

      • initial conditions, 535–536

      • macroeconomic policies, 542

      • outcome variables, 542–543

      • resolution policies, 538–542

      • sovereign debt crisis dates, 526–529

      • timing of, 527–529t

      • twin crises occurrence, 533

    • banks

      • bailouts, 115

      • capitalization, Euro area, 103f

      • characteristics, lending behavior, 90–94

      • distance to default (DD), Euro

      • area, 92–93, 93f

      • lending booms, standards, 3–36

    • banks, credit booms

      • bank soundness, credit growth, 41–45

      • data sources, methodology, 52–56

      • summary statistics, 53–54t

      • variable description, 55t

      • weak banks, credit expansions, 46–51

    • banks, credit expansions

      • Europe, 49t

      • foreign-currency/household lending, 51t

      • results causes, 49–50

      • results strength, 46–49

      • weakest banks, credit growth, 48t

    • Bankscope database, 43, 52, 55–56

    • Barajas, Adolfo, 92

    • Barro, Robert J., 169, 173

    • Barth, J. R., 417

    • Bartolini, Leonardo, 257, 308

    • Batini, Nicoletta, 384

    • Beck, Thorsten, 340, 357, 417

    • Becker, Törbjörn, 249, 510

    • Beim, David, 529

    • Bekaert, Geert, 173, 187, 258, 297, 326

    • Bekaert and others index, 187, 188t

    • Belgium, capital account restrictions, 189

    • Bell, James, 460

    • Ben-Bassat, Avraham, 449, 485

    • benign neglect

      • ancillary variables, 382, 383f

      • asset prices, boom-busts, 375–382

      • boom-bust, industrial share prices, 378f

      • boom-bust, residential property prices, 377f

      • irrational exuberance, 391

      • methodology, 376

      • optimal monetary policy, 389f

      • policy-induced booms, 391–392

      • stylized model, 382–392

      • Taylor Rule, 388–391

      • U.S. stock prices, Dow Jones, 381f

      • U.S. stock prices, S&P 500, 380f

    • Benigno, Gianluca, 248

    • Berg, Andy, 448

    • Berger, Allen, 5, 18, 26

    • Berglöf, E., 396

    • Bernanke, Ben, 90, 107, 118, 374, 384, 391

    • Besanko, David, 9

    • Bhagwati, Jagdish, 273

    • Bhatia, Ashok V., 554

    • Bhattacharya, U., 398

    • Biennial Surveillance Reviews, 229

    • binary capital account restrictiveness measure, 280

    • BIS. See Bank of International Settlements

    • Black, Fisher, 105

    • Black-Scholes option pricing formula, 105, 112

    • Blanchard, Olivier, 352

    • blanket guarantees, 537–538, 543, 546–550, 556–557, 561–562

    • Blinder, Alan, 90, 107

    • Blomberg, Brock, 26

    • Blomström, Magnus, 255, 324

    • Blundell, Richard, 171, 335–336

    • Bodie, Zvi, 109–110

    • Bolivia, capital flows, 283

    • Bond, Stephen, 171, 334–336, 352, 360, 412, 414

    • Bonex plan, 546–548

    • boom-bust cycles. See Financial

    • boom-bust cycles

    • BOPS. See Balance of Payments Statistics

    • Bordo, Michael, 120, 249, 363, 375, 384–385, 391

    • Borensztein, Eduardo, 324, 440, 442, 448

    • borrower screening, lending booms/standards, 9–12

    • Bouckaert, Jan, 23

    • Bover, O., 334–336

    • Boyd, J. H., 323, 332

    • Braun, M., 117, 119, 125, 127, 132

    • Brazil

      • banking crisis, 546, 548–549

      • contingent claims analysis (CCA), 109–110

    • Broecker, Thorsten, 22

    • Broner, Fernando, 461, 464–465

    • Buch, Claudia M., 292

    • Bureau van Dijk, 43

    • Bushman, R., 397

    • business cycles, lending booms/standards, 19–20

    • Bussière, Matthieu, 448

    • Caballero, Ricardo J., 310, 451

    • Calomiris, Charles, 529, 540

    • Calvo, Guillermo, 249, 311, 465

    • Canada, boom-busts, 375, 377–378t

    • capital account liberalization, 238b

    • capital account restrictions, 184–187, 191t, 192, 195, 198

    • capital controls

      • bilateral, 192

      • binary, 189

      • composition of, 192, 193f

      • financial globalization, 236f, 237t, 263

      • financial integration, 192, 195

      • indices, 181, 184–187, 188t, 263

    • capital flows

      • composition, financial globalization, 293–302

      • inflow/outflow, 199

      • international reserves, 474–510, 493f

    • Caprio, Gerard, 63, 123, 167, 417, 460, 525–526

    • Carkovic, Maria, 294, 324–325

    • Caselli, Francesco, 494

    • Cavallo, Eduardo A., 311

    • CCA. See Contingent claims analysis

    • Cecchetti, Stephen B., 374, 384

    • CEECs. See Central and eastern European countries

    • Center for International Financial Analysis and Research (CIFAR), 398

    • Center for Research on the Epidemiology of Disasters (CRED), 460

    • central and eastern European countries (CEECs), credit booms, 40, 44–45, 49–50

    • Central Bank of Argentina, 549

    • central banks, reserves, 505–510

    • Cerra, Valerie, 59

    • CGQ. See Corporate governance quality

    • CGQ index. See Corporate governance quality (CGQ) index

    • Chan-Lau, Jorge, 98

    • Chari, Anusha, 300, 349, 354

    • Chiang Mai Initiative, 509–510

    • Chile, banking crisis, 544–545, 552

    • China

      • capital controls, 279

      • economic growth, 283

      • reserves, 475, 494, 501–503, 506

    • Chinn, Menzie D., 186–187, 189

    • Chinn-Ito index, 186–187, 188t, 189, 190t

    • Cho, Yoon Je, 349

    • CIFAR. See Center for International Financial Analysis and Research

    • Cihák, Martin, 92, 94

    • civil war

      • financial crises, 59, 61f

      • forecast errors, 78f

      • impulse responses, 64, 68f, 69, 71f, 73–75f, 80f

    • Claessens, Stijn, 21, 120, 306, 396, 465, 524–525

    • Clarke, George R. G., 306

    • Coles, J., 396

    • Collins, Susan M., 280

    • Collyns, Charles, 523

    • Comin, D., 410

    • constant returns technologies, systemic crises, 146

      • economic growth, 149–151

      • equilibrium risk taking, 147–149

      • growth, crises, 151f

      • managers’ income, net expected value, 152–153

      • skewness, growth, 151–152

    • contingent claims analysis (CCA), 99–102, 109–112, 111f

    • contract enforceability, 142–145, 147, 150, 165, 174

    • Coordinated Portfolio Investment Survey (CPIS), 200–202, 206, 208

    • Core, J., 397

    • Cornelius, Peter K., 308

    • corporate bond spread, Euro area, 99, 100f

    • corporate debt issuance, Euro area, 98, 99f

    • Corporate Finance Database, 354, 355t

    • corporate governance quality (CGQ)

      • country panel regressions, summary statistics, 425t

      • creditor rights, shareholder protection, 405–406t

      • effects of, 410–424

      • financial dependent industries, 419–424

      • growth, productivity, investment, 411–419

      • index, 398–401

      • industry growth, financial dependence, 421–423t

      • industry panel regressions, summary statistics, 425t

      • trends in, 401–410

    • corporate governance quality (CGQ), growth, productivity, investment, 411–412

      • aggregate economic activity, 413t, 415–416t, 418t

      • benchmark results, 413–414, 413t

      • complex dynamics, 415–416, 416t

      • financial crises, 414–415, 415t

      • financial development, 417–418, 418t

      • long-run effects, 418–419

    • corporate governance quality (CGQ) index

      • Accounting Standards, 398

      • Asia, 404f

      • creditor rights, shareholder

      • protection, 406t

      • Earning Smoothing, 398–399

      • ES indicator, subperiod averages, 407f

      • AS indicator, subperiod averages, 409f

      • SPS indicator, subperiod averages, 408f

      • Stock Price Synchronicity, 399–401

      • subperiod averages, 402f

      • Corralon, 548

    • Correlates of War Intra-State War Data (Sarkees), 63

    • Cottarelli, C., 40

    • country insurance

      • Argentina, GDP-linked securities, 443, 444b

      • Asian bond funds, 443b

      • debt management/structure, 440–445

      • emerging market economies, debt, 441–442f

      • external capital structure, countries, 438–440

      • financial flow types, behavior, 461–465

      • financial flows, sudden stops, 439f

      • insurance, crisis-prevention types, 458t

      • optimal reserves model, 465–469, 467f

      • self-insurance, international reserves, 445–456

      • sound fundamentals, liability structures, 435–445

    • country insurance, financial flow types

      • average net flows, 461

      • correlations, 464–465

      • data description, 461

      • economies, country groups, 462t

      • financial account, subcomponents, 463t

      • persistence, 464

      • principal components, 465

      • summary statistics, 461–465

      • volatility, 461–464

    • country insurance, shocks, 431

      • boom-bust cycles, 434, 460

      • country-specific external shocks, 434, 460

      • definitions, 432

      • financial/macroeconomic shocks, 434, 459–460

      • global shocks, 434, 460

      • output drops, 432–434, 433f, 433t

      • sociopolitical shocks, 434, 460

      • taxonomy, 434–435, 436t, 437f, 459–460

    • country-specific external shocks, 434, 460

    • CPIS. See Coordinated Portfolio Investment Survey

    • CRED. See Center for Research on the Epidemiology of Disasters

    • credit booms, banks. See Banks, credit booms

    • credit channel, 85

    • credit expansions, banks. See Banks, credit expansions

    • credit growth, skewness. See Skewness, growth

    • crises. See also Banking crises; Financial crises; Sudden stops; Systemic crises, growth

      • dates, 525–533

      • definitions, 512t

      • international reserves, 487–491, 489t, 490f

      • mitigation, international reserves, 491–494

      • probability, macroeconomic fundamentals, 500t

      • systemic risk, extreme observations, 159t

    • crisis indexes

      • growth, 166–168, 168t

      • skewness, 141, 156, 158–160, 159t, 161f, 172

    • Cummins, Jason, 352

    • currency crises. See also Crises; Financial crises

      • dates, 526–533

      • forecast errors, 78f

      • impulse responses, 64, 65f, 67f, 73–75f, 80f

      • sudden stops, international reserves, 502f, 513–514t

    • Czech Republic

      • capital account restrictions, 189

      • weak banks, credit booms, 40, 43–44, 56

    • Daouk, H., 398

    • DD. See Distance to default

    • De Bondt, Gabe, 90, 98

    • De Gregorio, J., 324

    • de Meza, David, 13

    • De Nicolò, Gianni, 92, 107, 401

    • debt

      • country insurance, 440–445, 441–442f

      • crises, by country, 59, 60f

      • flows, financial globalization, 300–301

    • decreasing returns technologies, systemic crises, 154–155

    • Degryse, Hans, 23, 26

    • Dell’Ariccia, Giovanni, 21, 40, 192

    • Demir Bank, 545–546

    • Denmark, boom-busts, 375, 377–378t, 379

    • Dermigüç-Kunt, Asli, 21, 26, 115, 118, 123, 167, 306, 355, 357, 417, 460, 525, 542

    • Desai, Mihir, 258

    • Desai, Padma, 311

    • Detragiache, Enrica, 26, 123, 167, 355, 448, 460, 525

    • Deutsche Bundesbank, 92

    • Devereux, Michael B., 348

    • difference-in-difference, 116

    • disequilibrium model, 92–94, 93t

    • distance to default (DD)

    • bank soundness, credit growth, 41–42, 46–47, 50

    • banks, Euro area, 92–93, 93f

    • calculating, subprime loans/growth, 105–107

    • Djankov, Simeon, 536

    • Doidge, C., 308, 396

    • Dollar, D., 119

    • Domaç, I., 118

    • Dooley, Michael, 445, 465, 523

    • Döpke, Jörg, 292

    • Drazen, Allan, 257, 308

    • Drees, Burkhard, 545

    • Driscoll, John, 90, 95, 97, 107–108

    • Duca, John, 98

    • Durham, J. B., 301, 310

    • Earning Smoothing (ES), 398–399, 407t

    • Easterly, William, 292, 333

    • economic growth, international financial integration. See International financial integration, economic growth

    • economic recovery myth

      • Asian financial crisis, 59, 60f

      • civil war, financial crises, 59, 61f

      • consensus growth forecasts, 78–79, 79t

      • data, 63–64

      • debt crisis, 59, 60f

      • exogeneity, 75–82

      • expectations, omitted variables, 81–82

      • financial/political crises, probit

      • results, 81t

      • forecast errors, 76–78, 78f

      • impulse responses, 64, 65–68f, 69, 70–71f, 73–75f, 80f

      • methodology, 62–63

      • output growth contemporaneously exogenous, 80

      • probability of crisis, 81

      • results, 64–75

      • robustness checks, 73–75

      • shocks, distribution of, 69, 72–73

      • shocks, probability of, 72t

    • Ecuador, banking crisis, 546, 548–549

    • Edison, Hali, 187, 290, 327

    • Edison-Warnock index, 187, 188t

    • Edwards, Sebastian, 241, 249, 291, 311, 324

    • Ehrmann, Michael, 91

    • Eichengreen, Barry, 115, 118, 241, 278, 300, 310, 324

    • Emergency Events Database (EM-DAT), 460

    • EMPI. See Exchange market pressure index

    • Engerman, S., 333

    • Enoch, Charles, 545

    • equilibrium

      • borrower screening, 9–12

      • lending booms, standards, 8–15

      • pooling equilibrium, 12–14

      • welfare analysis, 14–15

    • equilibrium, determinants business cycle, industry effects, 19–20

      • entry, contestability, 21–22

      • financial sector reforms, monetary policy, 20–21

      • market structure, 22–23

    • equity market liberalization, 298–299t

    • ES. See Earning Smoothing

    • Estonia, credit booms, 40, 43–44

    • Euro area

      • bank loans, securities issuance, 89f

      • banks, capitalization, 103f

      • banks, distance to default (DD), 92–94, 93f

      • corporate bond spread, 99, 100f

      • corporate debt issuance, 98, 99f

      • credit standards, enterprises/households, 87f

      • equity market prices, 88f

      • estimated default probability, 101f

      • excess demand for loans, 94t

      • money market, retail lending rates, 86f

      • real output, bank loans, 95f

      • subprime loans, growth, 85–112

    • Euromoney, 52

    • Europe

      • capital account restrictions, 189, 191t, 192

      • weak banks, credit booms, 39–56

    • European Central Bank, 108

    • European System of Central Banks, surveys, 91

    • EWN II. See External Wealth of Nations Mark II

    • excess kurtosis, variance, 161–162

    • exchange market pressure index (EMPI), 63

    • executive power

      • forecast errors, 78f

      • impulse responses, 69, 70–71f, 73–75f, 80f

    • External Wealth of Nations Mark II (EWN II), 198–226. See also Foreign assets/liabilities, EWN II

    • Faria, André, 242, 310, 440

    • Fatas, Antonio, 173

    • Favero, Carlo, 90

    • Fazylov, Otabek, 90

    • FDI. See Foreign direct investment

    • Federal Reserve, 554, 556–557

    • Fernandez-Arias, Eduardo, 464

    • Ferri, G., 118

    • Feyrer, James, 494

    • financial account, 461–465, 463t

      • international reserves accumulation, 476t

      • liberalization, 264–270, 265–269t

    • financial boom-bust cycles

      • asset prices, benign neglect, 371–393

      • banking crises, 115–138

      • country insurance, shocks, 434, 460

      • economic recovery myth, 59–83

      • lending booms/standards, 3–36

      • subprime loans/growth, 85–112

      • systemic crises, 141–174

      • weak banks, credit booms, 39–56

    • financial crises. See also Banking crises; Crises; Currency crises; Sudden stops; Systemic crises, growth

      • civil war, 59, 61f

      • corporate governance quality, 414–415, 415t

      • economic recovery myth, 59–83

      • financial globalization, 249–253, 252t, 273

      • frequency, 249–253, 252t, 534t

      • impulse responses, 64, 65–68f, 69, 70–71f, 73–75f, 80f

      • timing, 530–533t

      • volatility, 249–253, 252t

    • financial flows

      • sudden stops, 439f

      • types, behavior, 461–465

    • financial globalization

      • bilateral foreign asset positions, 244t

      • capital account liberalization, 238b

      • country lists, 262t

      • de jure financial openness, 234–241, 239f

      • determinants of, cross-country perspective, 241–245

      • facts, 233–241

      • financial account liberalization, 264–270, 265–269t

      • financial integration, 179, 180f, 181, 195

      • findings, policy implications summary, 260t

      • gross/net external positions, 234f

      • measuring, 230b

      • risk sharing benefits, 245–248

      • stability, growth, 248–259

    • financial globalization, capital controls

      • financial openness, income group, 236f

      • indices, 263

      • type, 237t

    • financial globalization, capital flows composition

      • debt flows, 300–301

      • equity market liberalization, growth, 298–299t

      • foreign direct investment, 293–297

      • foreign direct investment, growth, 295–296t

      • portfolio equity flows, 297–300

    • financial globalization, collateral benefits

      • financial sector development, 306

      • implications, 309

      • institutional quality, governance, 306–308

      • macroeconomic policies, 308–309

      • potential indirect benefits, 307f

    • financial globalization, external assets/liabilities

      • composition, 235f

      • de jure financial openness, 240f

      • income group, 233f

      • per capita, determinants, 243t

    • financial globalization, reappraisal benefits, caveats, 277–278

      • capital flows, composition, 293–302

      • collateral benefits, 305–309

      • countries included, 313–314

      • effects of, macroeconomic evidence, 283–293

      • financial integration, evolution of, 281f

      • financial openness, measuring, 278–282

      • growth, theory, 276–277

      • international financial integration, 282t

      • organizing principles, 302–305

      • patterns of, 280–282

      • theory overview, 276–278

      • threshold effects, 309–312

      • volatility, theory, 277

    • financial globalization, reappraisal organizing principles collateral benefits, 302–303

      • macroeconomic outcomes, 303f

      • threshold conditions, complication, 304f

      • thresholds, 304f, 305

    • financial globalization, risk sharing practice, 247–248

      • risk pooling, gains, 246t

      • theory, 245–247

    • financial globalization, stability/growth

      • consumption volatility, financial integration, 250t, 251f

      • crises, open financial accounts, 252t

      • crises, volatility/frequency, 249–253

      • economic growth, 253–259

      • economic growth, financial integration, 254t

      • financial openness, total factor productivity growth, 256t

      • financial sector development, financial integration, 257t

      • GDP growth, foreign direct investment (FDI), 255t

    • financial globalization, threshold effects

      • financial/institutional development, financial integration, 309–310

      • financial integration, 311–312

      • macroeconomic policies, financial

      • integration, 310–311

      • trade openness, financial openness, 311

      • financial globalization effects, macroeconomic evidence

      • economic growth rates, financial openness, 285–286f

      • economic growth rates, GDP per capita, 283, 284f

      • effects on growth, 283–291

      • effects on volatility, 291–293

      • financial integration, growth, 287–289t

      • volatility, crises, 291–292

    • financial integration. See International financial integration (IFI)

    • financial integration, financial globalization

      • de facto, 180f

      • effects, growth, 287–289t

      • evolution of, 281f

      • financial/institutional development, 309–310

      • international, 282t

      • macroeconomic policies, 310–311

      • threshold effects, 311–312

    • financial integration, measuring financial globalization, de facto, 180f

    • financial integration, new dataset alternative capital control indices, 188t

      • capital controls, composition, 193f

      • compositional changes, 192

      • countries included, 182t

      • de facto financial integration, 194f

      • de jure financial openness, 190–191f

      • empirical applications, 189–195

      • event studies, 192–195

      • existing indices comparison, 186–189, 188t, 190f

      • methodology, 181–186

      • trends, cross-country comparisons, 189–192

    • financial liberalization, capital allocation

      • adjustment lags, 360–362

      • Arellano-Bond dynamic panel regressions, 361–362t

      • aspects of, 362–363

      • data description, bivariate analysis, 353–356

      • dispersion measures, 356f

      • fixed effects regressions, 357–360, 358–360t

      • International Finance Corporation (IFC) corporate financial database, 354, 355t

      • panel regressions, 357–365

      • Q-dispersion, 350–353

      • regressions, 364t

      • robustness checks, 363–365

    • financial liberalization, systemic crises, 143, 145, 165–166, 167t, 173–174

    • financial/macroeconomic shocks, 434, 459–460

    • financial market capitalization, international reserves, 509t

    • financial sector

      • development, financial globalization, 306

      • real sector, Euro area, 85, 90–102

      • reforms, lending booms/standards, 20–21

    • Finland, boom-busts, 375, 377–378t, 379

    • Fischer, Stanley, 273

    • Flabbi, Luca, 90

    • Flood, Robert, 445, 449, 494

    • Flow of Capital measure, 327–329, 337–339, 340–343t

    • Foley, C. Fritz, 258

    • Folkerts-Landau, David, 445

    • Forbes, Kristin, 258, 301

    • foreign assets/liabilities, EWN II

      • countries included, 204–205, 225–226

      • dataset, global overview, 204–208

      • debt assets, liabilities, 202–203

      • direct investment assets, liabilities, 201–202

      • empirical findings, 208–224

      • equity share, external liabilities, 212f

      • EWN IIvs. EWN I, 198, 205–206

      • external capital structure, 212–213

      • external debt, official reserves, 213f

      • financial derivatives, 203

      • financial integration vs. trade integration, 210f

      • international equity integration, 211f

      • international financial integration, 209–211, 210f

      • measurement error, 204

      • methodology, 198–204

      • net equity vs. net debt position, 219f

      • net errors/omissions, 218t

      • net foreign asset

        • country group, 215f

        • current account, 220–222t

        • GDP per capita, 214f

        • GDP ratio, 216–217f

        • position dynamics, 223t

        • positions, 213–220

      • official reserves, 204

      • portfolio equity assets, liabilities, 200–201

      • portfolio equity liabilities, 208–209t

      • valuation channel, 220–224

      • world net foreign asset discrepancy, 206–208, 207f

    • foreign-currency lending, 50, 51t

    • foreign direct investment (FDI) behavior, 461–465

      • financial globalization, 293–297

      • growth, empirical studies, 295–296t

    • France, boom-busts, 375, 377–378t

    • Frankel, Jeffrey A., 311, 459, 488, 523, 526

    • Frenkel, Jacob A., 449, 494

    • Friedman, Ezra, 21

    • Galindo, Arturo, 349

    • Gambacorta, Leonardo, 91

    • Gapen, Michael, 110

    • Garber, Peter, 445

    • Garcia, Gillian, 118, 523

    • Garcia, Pablo S., 448, 485

    • Garrett, Geoffrey, 257

    • Gelos, R. Gaston, 308

    • Genberg, Hans, 445, 450

    • generalized method of moments (GMM), financial integration, 329, 334–336

    • Germany, boom-busts, 375, 377–378t, 379

    • Gertler, Mark, 90, 98, 132, 374, 384, 391

    • Giavazzi, Francesco, 90

    • Gilchrist, Simon, 116, 132, 374

    • Glick, Reuven, 251, 291–292

    • Global Development Finance database, 128, 202

    • Global Financial Stability Report, 102

    • global liquidity crisis

      • containment, 555–557

      • initial conditions, 554–555

      • resolution, 557–560

    • global shocks, 434, 460

    • GMM. See Generalized method of moments

    • Goldberg, Linda, 257, 306

    • Goldstein, Morris, 445

    • Gompers, P., 396

    • Gopinath, G., 131

    • Gottlieb, Daniel, 449, 485

    • Gourinchas, Pierre-Olivier, 5, 26, 39, 224, 257, 308, 460

    • Graham, Edward M., 255

    • Gray, Dale, 101, 109–110

    • Great Depression, 374–376, 546

    • Greenlaw, David, 97

    • Greenspan-Guidotti rule, 473, 479, 487, 489, 498

    • Grilli, V., 324, 327

    • Gropp, R., 41

    • growth, skewness. See Skewness, growth

    • growth, systlistemic crises. See Systemic crises, growth

    • growth dynamics, economic recovery, 59–83. See also Economic recovery myth

    • Guay, W., 397

    • Guidotti, Pablo E., 311

    • Guo, Xueyan, 251, 291

    • Gupta, Nandini, 299

    • Hall, Robert E., 274

    • Hallward-Driemeier, M., 119

    • Hammel, Eliza, 258

    • Harhoff, Dietmar, 26

    • Hart, Oliver, 385

    • Harvey, Campbell R., 172, 173, 187, 258, 297, 326

    • Hauner, David, 449

    • Hausmann, Ricardo, 300

    • Hayashi, Fumio, 351

    • Heller, Robert, 482–483, 485

    • Hennessy, Christopher A., 352

    • Henry, Peter B., 173, 192, 258, 297, 300, 326, 349, 354

    • Hermes, Niels, 310

    • Himmelberg, C. P., 116, 396

    • Hines, James R. Jr., 258, 310

    • Hipotecario, 545

    • Hoelscher, David, 524, 526, 533

    • Hoffmann, Mathias, 247

    • Hoggarth, G., 120

    • Holtz-Eakin, D., 334

    • Honohan, Patrick, 118, 120, 134–135, 414, 524–526, 533, 536, 543, 549

    • Honohan-Klingebiel dataset, 120, 134t

    • Hopenhayn, Hugo A., 365

    • household lending, bank credit growth, 50, 51t

    • Hubbard, G., 396

    • Huizinga, Harry, 21, 306

    • Hungary, credit booms, 40, 43–44

    • Husain, Aasim, 311

    • Hutchison, Michael, 251, 291–292

    • Iacoviello, Matteo, 91

    • Ibañez, David Marqués, 91

    • IFC. See International Finance Corporation

    • IFI. See International financial integration

    • IFS. See International Financial Statistics

    • IIP. See International Investment Position

    • Imbs, Jean, 173, 247

    • IMF. See International Monetary Fund

    • IMF dummy index, 187, 188t, 189, 190–191t

    • Independent Evaluation Office, 229

    • India

      • financial liberalization, 347, 354–355, 356f, 363

      • growth path, 142f

      • real credit growth, kernel distributions, 156, 157f

      • skewness, 164

    • Indonesia

      • banking crisis, 545

      • contingent claims analysis (CCA), 110

    • Inflows of Capital measure, 328–329, 337–338, 340–343t

    • International Country Risk Guide, 365

    • International Finance Corporation (IFC), Corporate Finance Database, 354, 355t

    • international financial integration (IFI)

      • benchmark growth regression, 337t

      • data, 326–328

      • different environments, 339–343

      • dynamic panel model, 333–334

      • econometric methodology, 334–336

      • economic growth, 338t

      • financial development, 341t

      • foreign assets/liabilities, EWN II, 209–211, 210f

      • initial economic conditions, 340t

      • institutional factors, 342t

      • macroeconomic policies, 343t

      • methodology, 329–336

      • OLS framework, 332

      • results, 336–343

      • summary statistics, 329, 330–331t

      • two-stage least squares, 332–333

      • variables data, 328

      • variables used, 344–345

    • International Financial Statistics (IFS), 44, 52, 121, 157, 200, 459, 535

    • International Investment Position (IIP), 199–206, 215

    • International Monetary Fund (IMF), 199, 509–510

      • binary capital account

      • restrictiveness measure, 280

      • country insurance, 429

      • Independent Evaluation Office, 229

      • Restriction measure, 324–327, 329, 337–338

    • international reserves

      • adequacy, 478f

      • benchmark calibration, sensitivity analysis, 497–500

      • benchmark calibration parameters, 497t

      • benefits, 448, 487–494

      • buildup in, 474–482

      • collective arrangements, 509–510

      • costs, 449–451, 450t, 494–497

      • countries in sample, 511t

      • country estimates, 500–504

      • by country group, 446–447f

      • country insurance, 429–469

      • debt, default extension, 517

      • diversification, financial market capitalization, 509t

      • emerging market countries, 473–517

      • emerging vs. industrial countries, 475f

      • insurance model, optimal reserves, 482–487

      • insurance model assumptions, 483–485

      • levels of, 503t

      • model predictions, 497–504

      • opportunity costs, 496f, 497t

      • portfolio diversification, 507–509

      • probit analysis variables, 515t

      • reserves-to-GDP ratio, macroeconomic variables, 505t

      • reserves-to-GDP ratios, Asia, 481f

      • shares of GDP, 455f

      • sovereign wealth, 504–507

      • state-contingent, volatility index, 451b

      • stocks, foreign assets/liabilities, 477f

      • trade surpluses, 504–507

      • U.S. assets holdings, 508f

      • warranted, macroeconomic fundamentals, 452–454

    • international reserves, accumulation

      • benefit, cost, 504t

      • financial account, 476t

      • holdings, 445

    • international reserves, crises

      • currency, sudden stops, 502f, 513–514t

      • definitions, 512t

      • mitigation, 491–494

      • prevention, 487–491, 490f

      • probability, macroeconomic fundamentals, 500t

      • variables, alternative measures, 489t

    • international reserves, optimal

      • country groups, 454–456

      • fundamentals, changes, 453t

      • level, solving for, 516–517

      • level, total loss, 486f

      • levels, 451–452, 482–483, 485–487

      • model, 465–469, 467f

      • model, calibration parameters, 466t

      • sensitivity analysis, 499f

    • international reserves, sudden stops, 480f

      • output, capital inflows, 493f

      • probability, 468t

      • vulnerability, 468–469

    • international risk sharing

      • benefits, 245–248

      • practice, 247–248

      • risk pooling, gains, 246t

      • theory, 245–247

    • intervention policy

      • banking crises, 134–136

      • banking crises, effects, 135t

      • during crises, Honohan & Klingebiel, 134t

      • lending channel, 134–136

    • Ireland

      • asset prices, boom-busts, 375, 377–378t, 379

      • blanket guarantee, 549, 559

    • Ishii, J., 396

    • Ishii, Shogo, 233, 310

    • Islam, Roumeen, 292

    • Italy, boom-busts, 375, 377–378t, 379

    • Ito, Hiro, 186–187, 189

    • Ivaschenko, Iryna, 98

    • Izquierdo, Alejandro, 249, 311

    • Jácome, Luis, 546

    • Jaggers, Keith, 460

    • Japan

      • asset bubble, 371, 374–375

      • asset prices, boom-busts, 375, 377–378t, 379

      • bank stock programs, 551

      • reserves, 475, 507

    • Javorcik, Beata S., 294

    • Jayaratne, Jith, 348

    • Jeanne, Olivier, 257, 308, 375, 384–385, 391, 445, 448, 465

    • Jen, Stephen, 507

    • Jensen, M., 396

    • Jin, L., 399

    • Johnson, Simon, 62, 258, 333, 440

    • Jones, Charles I., 274

    • Jones, Matthew, 101, 110

    • Jordan, financial liberalization, 347, 354–355, 356f, 363

    • Jovanovic, Boyan, 449, 494

    • Juglar, Clément, 173

    • Kakes, Jan, 91

    • Kaminsky, Graciela, 59, 63, 73, 115, 118, 173, 460

    • Kane, Edward, 542

    • Karolyi, Andrew, 279, 308, 396

    • Kashyap, Anil, 91, 119

    • Keller, Christian, 110

    • Kim, Woochan, 257

    • Kincaid, Russell, 523

    • Kiyotaki, Nobuhiro, 6, 18–19, 248

    • Klein, Michael, 173, 306, 310, 323, 327

    • Klingebiel, Daniela, 63, 118, 120, 123, 134–135, 167, 422, 460, 524–526, 540, 549

    • known/unknown borrowers, 3–4

    • Kogut, Bruce, 308

    • Kohlberg, Elon, 9, 12, 28

    • Kónya, I., 43

    • Korea

      • financial liberalization, 347, 349, 354–355, 356f, 363

      • reserves, 502, 506

    • Korean Investment Corporation, 506

    • Korting, Timm, 26

    • Kose, M. Ayhan, 247–249, 251, 253, 292, 312

    • Kraay, Aart, 290, 324, 327

    • Kraus, Alan, 172

    • Krishnamurthy, Arvind, 310

    • Kroszner, R., 119, 121, 422

    • Kunzel, Peter, 110

    • Kyrgyz Republic, capital account restrictions, 189

    • La Porta, Rafael, 333, 401, 536

    • Laeven, Luc, 120, 306, 401, 414, 417, 422, 524–526, 533, 536, 540, 542–543, 548

    • Landerretche, Oscar, 5, 26, 39, 460

    • Lane, Philip R., 181, 183, 197, 201–202, 204, 209, 211–212, 221–224, 242, 279–280, 325–328

    • Larraín, B., 117, 119, 125, 127, 132

    • Latin America

      • capital account restrictions, 191t, 192

      • capital flight, 279

      • corporate governance quality

      • (CGQ) index, 405

      • reserves, 449–450, 454–456, 459, 474–476, 478f, 495–497, 502–504

    • Latin American Reserve Fund, 509

    • Latvia

      • banking crisis, 550

      • weak banks, credit booms, 40, 44–45

    • Leahy, John, 374

    • Lee, Jaewoo, 324, 479

    • Leiderman, Leonardo, 465

    • Lemmon, M., 396

    • lending booms/standards

      • equilibrium, 8–15

      • equilibrium determinants, 19–23

      • information acquisition, 34–36

      • information sharing, role, 23–25

      • macroeconomic shocks, banking crises, 16–18

      • model, 7–8

      • preposition proofs, 27–34

    • Lensink, Robert, 310

    • Leuz, C., 398

    • Levchenko, Andrei, 248–249

    • Levine, Ross, 116, 164, 169, 257, 294, 306, 323, 325–326, 328, 333, 340, 357, 417

    • LIBOR. See London interbank offered rates

    • Lindgren, Carl-Johan, 118, 123, 523, 537

    • Lipsey, R., 324

    • Lithuania, credit booms, 40, 43–45

    • Litzenberger, Robert H., 172

    • Loayza, Norman, 340, 464

    • London interbank offered rates (LIBOR), 98

    • Lopez-De-Silanes, Florencio, 401, 536

    • Lown, Cara, 26, 98, 118

    • Lucas, Robert E., 276

    • Lundblad, Christian, 173, 187, 258, 297, 326

    • macroeconomic shocks

      • banking crises, lending booms/standards, 16–18

      • financial shocks, 434, 459–460

    • Maddison, Angus, 459

    • Maechler, A., 40

    • Malaysia

      • financial liberalization, 347, 354–355, 356f, 363

      • reserves, 488, 502

    • Manasse, Paolo, 460

    • Manove, Michael, 6

    • Marion, Nancy, 445, 449, 479, 494

    • market structure, lending booms/standards, 22–23

    • Marquez, J., 206

    • Marquez, Robert, 21–22

    • Marshall, Monty G., 460

    • Martin, Philippe, 311

    • Mauritius, economic growth, 283

    • Mauro, Paolo, 242, 247, 310, 440, 442

    • MBSs. See Mortgage-backed securities

    • McKinnon, Ronald, 348

    • McLiesh, Caralee, 536

    • Meissner, Christopher M., 249

    • Mejía, Luis-Fernando, 249, 311

    • Mertens, Jean-Francois, 9, 12, 28

    • Merton, Robert, 105, 109–110

    • Meschke, F., 396

    • Metrick, A., 396

    • Mexico

      • banking crisis, 552

      • reserves, 503

    • Meyers, S., 399

    • Micco, A., 56

    • Mihov, Ilian, 173

    • Milesi-Ferretti, Gian Maria, 126, 181, 183, 197, 201–202, 204, 209, 211–212, 221–224, 242, 279–280, 324–328

    • Minetti, Raoul, 91

    • Miniane, Jacques, 186–187, 189

    • Miniane index, 186–187, 188t, 189, 190t

    • Mishkin, Frederic S., 257, 306, 310

    • Mitchell, Deborah, 257

    • Mitra, Pritha, 311

    • Mitra, S., 40

    • Mitton, Todd, 258, 300

    • Mody, Ashoka, 98, 166, 186–187, 311, 348, 353

    • Mody-Murshid index, 186–187, 188t

    • Mohanty, M. S., 494

    • Mojon, Benoit, 91

    • Molyneux, Philip, 91

    • monetary policy, benign neglect. See Benign neglect

    • Moore, John, 6, 18–19, 385

    • Moran, Theodore H., 255

    • Morck, Randall, 308, 399

    • Morgan, Don, 26

    • Morgan Stanley Capital International (MSCI), 201

    • mortgage-backed securities (MBSs), 554–557

    • Mulani, S., 410

    • Mulder, Christian, 448

    • Murshid, Antu Panini, 186–187

    • Mussa, Michael, 437

    • Nanda, D., 398

    • Nash equilibrium, 9

    • Nelson, Charles R., 62

    • Nelson, Edward, 384

    • net foreign assets (NFA)

      • country group, 215f

      • current account, 220–222t

      • GDP per capita, 214f

      • GDP ratio, 216–217f

      • position dynamics, 223t

      • positions, 213–220

      • world discrepancy, 206–208, 207f

    • the Netherlands, boom-busts, 375, 377–378t, 379

    • Newey, W., 334

    • NFA. See Net foreign assets

    • Nickell, Stephen J., 73

    • nonperforming loans (NPL) ratio, 47–48

    • North America, capital account restrictions, 191t, 192

    • Northern Rock, 555–556, 558

    • Norway, boom-busts, 375, 377–378t, 379

    • NPL ratio. See Nonperforming loans (NPL) ratio

    • Obstfeld, Maurice, 173, 241, 323, 348–349, 351, 464

    • O’Donnell, Barry, 290

    • OECD. See Organisation for Economic Co-operation and Development

    • Ohashi, H., 43

    • oil prices, impulse responses, 74f

    • Olivei, Giovanni, 306, 323, 327

    • OLS. See Ordinary least squares (OLS) regression

    • Ongena, Steven, 26

    • Oomes, Nienke, 353

    • optimal reserves. See International reserves, optimal

    • ordinary least squares (OLS) regression, financial integration, 329, 332, 336–339

    • Organisation for Economic Co-operation and Development (OECD), 202, 208

      • boom-busts, benign neglect, 376–382

      • financial globalization, 229, 234, 237, 262t

    • Ostry, Jonathan D., 440

    • output drops, shocks, 432–434, 433f, 433t

    • Padilla, Jorge, 6

    • Pagano, Marco, 6

    • Pain, Darren, 460

    • Palia, D., 396

    • Pallage, Stephane, 277

    • Panageas, Stavros, 451

    • Panizza, Ugo, 55–56, 300

    • Parisi-Capone, Elisa, 509

    • Pathak, Parag A., 173

    • Pattillo, Catherine, 448

    • Pazarbasioglu, Ceyla, 92, 545

    • PD. See Probability of distress

    • PDI. See Portfolio debt investment

    • Peek, J., 119

    • PEI. See Portfolio equity investment

    • Penn World Tables, 63, 73

    • Pierdzioch, Christian, 292

    • Plosser, Charles I., 62

    • Poghosyan, Tigran, 94

    • Poland, credit booms, 40, 43–44

    • policy issues

      • benign neglect, 371–393

      • corporate governance quality, 395–425

      • country insurance, 429–469

      • international reserves, 473–517

      • systemic banking crises, 523–563

    • Political Risk Service Group, 165

    • Polity International IV, 63–64

    • pooling equilibrium, lending booms/standards, 12–14

    • portfolio debt investment (PDI), 461–465

    • portfolio diversification, international reserves, 507–509

    • portfolio equity assets, EWN II, 200–201, 206

    • portfolio equity flows, financial globalization, 297–300

    • portfolio equity investment (PEI), 461–465

    • portfolio equity liabilities, EWN II, 200–201, 207–209, 208–209t, 212

    • Prasad, Eswar S., 247–248, 279, 292, 312, 437, 450, 461

    • Prati, Alessandro, 192

    • probability of distress (PD), 94

    • Q-dispersion, financial liberalization, 347–365

    • Quarterly External Debt Database (QEDS), 202

    • Quinn, Dennis, 166, 187, 189, 290, 324–325, 327

    • Quinn measure, 324–325, 327

    • Quintyn, Marc, 524, 526, 533, 543

    • Rajan, Raghuram, 6, 116–117, 120–121, 308, 419–420, 422–423, 450

    • Rajan-Zingales index, 116–117, 131, 137t

    • Ramey, Garey, 162, 164, 173

    • Ramey, Valerie A., 162, 164, 173

    • Rancière, Romain, 146, 445, 465

    • Razin, Assaf, 126, 292

    • real credit growth, skewness. See Skewness, growth

    • real sector, Euro area, 85, 90–102

    • Reinhart, Carmen, 59, 63, 73, 115, 118, 173, 460, 465

    • Reinhart, Vincent R., 392

    • Reisen, Helmut, 301

    • Renelt, David, 164, 169, 328

    • Republica Bank, 545

    • reserves. See International reserves

    • Restriction measure, 324–327, 329, 337–338

    • Rey, Hélène, 224, 311

    • Rhee, C., 352

    • Rhee, Yeongseop, 479

    • Rigobon, Roberto, 461, 464–465

    • risk sharing, international. See International risk sharing

    • Robe, Michel A., 277

    • Robinson, James, 62, 333

    • Rodrik, Dani, 273, 290, 324, 327

    • Rogoff, Kenneth, 311, 437–438, 460

    • Romer, Christina D., 62

    • Romer, David H., 62

    • Rose, Andrew K., 115, 118, 292, 459, 488, 526

    • Rosen, H., 334

    • Rosengren, E., 119

    • Roubini, Nouriel, 460

    • Ruckes, Martin, 5–6, 18

    • Russia, banking crisis, 544

    • Rusticus, T., 397

    • Saal, Matthew I., 118, 523

    • Sanhueza, Gonzalo, 544

    • Sargan specification tests, 412, 414

    • Sarkees, M. R., 63

    • Savastano, Miguel, 460

    • Saxena, Sweta C., 59

    • Schadler, S., 40

    • Schiantarelli, Fabio, 349

    • Schindler, Martin, 192

    • Schmukler, Sergio, 173, 306

    • Schneider, Martin, 144

    • Scholes, Myron, 105

    • self-insurance. See Country insurance; International reserves

    • Sen Gupta, Abhijit, 257

    • Servén, Luis, 464

    • Setser, Brad, 509

    • Shaffer, Sherrill, 22–23

    • Shaw, Edward S., 348

    • Shleifer, Andrei, 401, 536

    • shocks

      • country insurance, 431–432, 432, 436t, 437f

      • economic recovery myth, 69, 72–73, 72t

      • output drops, 432–434, 433f, 433t

      • taxonomy, 434–435, 436t, 437f, 459–460

    • Siddique, Akhtar R., 172

    • Singer, J. David, 63

    • Sinn, S., 200, 202

    • skewness, growth. See also Systemic crises, growth

      • baseline estimation, 163–165, 164t

      • constant returns technologies, 151–152

      • country grouping estimates, 167t

      • crisis indexes, 141, 156, 158–160, 159t, 161f, 172

      • investment, 169, 170t

      • link, robustness tests, 171–172

      • mechanism identification, 165–166

      • systemic risk, 141–142, 156–157

      • systemic risk, crises, extreme observations, 159t

      • systemic risk, crisis index, 158–161, 161f

    • Slovak Republic, credit booms, 40, 44–45

    • Slovenia, credit booms, 40, 44

    • Small, Melvin, 63

    • Smith, A., 397

    • Smith, B. D., 323, 332

    • Smith, Gregor W., 348

    • sociopolitical shocks, 434, 460

    • Sokoloff, K., 333

    • Sørensen, Bent E., 248

    • Soto, Claudio, 448, 485

    • Soto, Marcelo, 301

    • Souto, Marcos, 110

    • sovereign debt crisis dates, 526–529

    • sovereign wealth, 504–507, 510

    • Spain, boom-busts, 375, 377–378t, 379

    • Spilimbergo, Antonio, 448, 460

    • SPS. See Stock Price Synchronicity

    • State Foreign Exchange Investment Corporation, 506

    • Stauss-Kahn, Dominique, 85

    • Stein, J. C., 119

    • Steiner, Roberto, 92

    • Stiglitz, Joseph, 273, 278, 292, 308

    • stock market boom, 371

    • Stock of Capital Flows measure, 327, 329, 337–339, 340–343t

    • Stock of Capital Inflows measure, 328–329, 337–338, 340–343t

    • Stock Price Synchronicity (SPS), 399–401, 408t

    • Strahan, Philip E., 348

    • Stulz, René, 258, 279, 306, 308, 396

    • Sturm, Jan-Egbert, 91

    • Sturzenegger, Federico, 311, 529

    • subprime loans/growth (Euro area)

      • bank characteristics, lending behavior, 90–94

      • bank loan supply, aggregate output, 90, 94–98, 107–109

      • bank loans, securities issuance, 89f

      • banks, distance to default (DD), 92–93, 93f

      • banks capitalization, 103f

      • contingent claims analysis (CCA), 109–112, 111f

      • corporate, equity market prices, 88f

      • corporate bond spread, 99, 100f

      • corporate debt issuance, 99f

      • corporate financing conditions, 90, 98–99

      • credit standards, enterprises/households, 87f

      • DD, calculating, 105–107

      • disequilibrium model, 92–94, 93t

      • empirical evidence, 90–102

      • estimated default probability, 101f

      • excess demand for loans, 94t

      • loans, money demand shocks, 97t

      • loans output, regressions, 96–97t

      • money market, retail lending rates, 86f

      • quantitative implications, 102–104

      • real output, bank loans, 95f

      • risk transfers, contingent claims analysis (CCA), 90, 99–102

    • subprime mortgage crisis, 85, 102

    • subprime mortgage market, 553–560

    • Subramanian, Arvind, 440

    • sudden stops, international reserves, 480f, 493f

      • currency crises, 502f, 513–514t

      • probability, 468t

      • vulnerability, 468–469

    • Summers, Lawrence, 273, 352, 473, 475

    • Sweden, boom-busts, 375, 377–378t, 379

    • systemic bailout guarantees, 144–147

    • systemic banking crises. See Banking crises, systemic

    • systemic crises, growth

      • bailout guarantees, 144–147

      • constant returns technologies, 146–153

      • contract enforceability problems, 145

      • crisis indexes, 166–168, 168t

      • decreasing returns technologies, 154–155

      • defined, 147

      • empirical link, 156–172

      • measuring systemic risk, 156–162

      • model, 143–155

      • related literature, 172–173

      • robustness, 171–172

      • safe vs. risky growth path, 142f

      • setup discussion, 145–146

      • skewness, growth, 162–166

      • skewness, investment, 169, 170t

    • systemic risk, measuring

      • real credit growth, kernel distributions, 157f

      • skewness, crises, extreme observations, 159t

      • skewness, crisis index, 158–161, 161f

      • variance, excess kurtosis, 161–162

    • Tamirisa, Natalia T., 186–187

    • Tamirisa index, 186–187, 188t

    • Taylor, Alan, 464

    • Taylor, Mark, 98

    • Taylor Rule, 388–391

    • TED spread. See Treasury-Eurodollar (TED) spread

    • Tequila crisis, 545–546

    • Term Securities Lending, 556

    • Terrones, Marco E., 247–248, 292, 312

    • Thailand

      • banking crisis, 550, 552

      • contingent claims analysis (CCA), 110

      • credit growth rates, 160, 161f

      • financial liberalization, 347, 354–355, 356f, 363

      • growth path, 142f

      • real credit growth, kernel distributions, 156, 157f

      • skewness, 164

    • Thakor, Anjan, 9, 36

    • Theil, H., 42

    • three-stage least squares (3SLS) method, 42–43

    • Tille, C., 224

    • Tirole, Jean, 173, 396

    • Tobin’s Q, 347, 351–354, 365

    • Tornell, Aaron, 117, 133, 144

    • Toyoda, A. Maria, 290

    • Treasury-Eurodollar (TED) spread, 97–98

    • Turkey

      • contingent claims analysis (CCA), 110

      • financial crisis, 545–546, 552

    • Turner, Philip, 494

    • two-stage least squares method, 329, 332–333, 336–339

    • Tytell, Irina, 257, 308–309

    • Udell, Gregory, 5, 18, 26

    • Ueda, Kenichi, 348, 353, 401

    • UNCTAD, 201–202

    • UNIDO, Industrial Statistics, 2003, 121

    • United Kingdom

      • asset prices, boom-busts, 375, 377–378t, 379

      • banking crisis, 549, 554–556, 558–559

    • United States

      • asset prices, boom-busts, 375, 377–378t, 379

      • assets holdings, 507, 508f

      • bank stock programs, 551

      • corporate governance quality (CGQ) index, 406

      • Great Depression, 374–376, 546

      • stock prices, Dow Jones, 381f

      • stock prices, S&P 500, 380f

      • subprime mortgage crisis, 85, 102

      • subprime mortgage market, 553–560

    • Uruguay

      • banking crisis, 546

      • reserves, 493–494

      • state-owned banks, 545

    • Uzbekistan, capital account restrictions, 189

    • Valdés, Rodrigo, 5, 26, 39, 460

    • Valencia, Fabian, 525, 537, 548

    • Valenzuela, Patricio, 192

    • Van Cayseele, Patrick, 26

    • VAR. See Vector autoregression

    • variance, excess kurtosis, 161–162

    • vector autoregression (VAR), 99

    • Veldkamp, Laura, 172

    • Venezuela, capital flows, 283

    • Vesala, J., 41

    • Vila, Anne, 460

    • Villar, Agustín, 311

    • Vladkova-Hollar, I., 40

    • Vulpe, G., 41

    • Warner, Andrew, 465

    • Warnock, Frank, 187, 200

    • WDI. See World Development Indicators

    • Webb, David, 13

    • Wei, Shang-Jin, 257–258, 279, 308–309, 310, 464, 488

    • Weinberg, John, 6

    • Weiss, Andrew, 349

    • welfare analysis, lending booms/standards, 14–15

    • Welker, M., 398

    • WEO. See World Economic Outlook

    • Westermann, F., 117, 133

    • Wolfenzen, Daniel, 308

    • Woolridge, J. M., 43

    • Workman, L., 206

    • World Bank, 507

      • Global Development Finance

    • database, 128, 202

    • World Development Indicators (WDI), 63, 125, 157

    • World Economic Outlook (WEO), 127, 202–203, 460, 529, 535

    • World Health Organization, EM-DAT, 460

    • World Investment Report (UNCTAD), 201

    • Worrell, D., 40

    • Wu, Yi, 310

    • Wyplosz, Charles, 310, 324, 448

    • Wysocki, P., 398

    • Yañez, M., 56

    • Yeung, Bernard, 308, 399

    • Yu, W., 399

    • Yuan, Kathy, 299

    • Zejan, M., 324

    • Zellner, A., 42

    • Zervos, Sara, 306, 326, 328

    • Zettelmeyer, Jeromin, 529

    • Zhang, Zhiwei, 258

    • Zilibotti, F., 323

    • Zingales, Luigi, 116–117, 120–121, 308, 419–420, 422–423

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