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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