An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
---- Acknowledgements ----
We thank participants at the 2007 AEA Meetings in Chicago and the April 2008 IMF conference on "Financial Cycles, Liquidity and Securitization" for comments and suggestions. We also thank Ricardo Caballero, Charles Calomiris, Stijn Claessens, Jose De Gregorio, Giovanni Dell'Ariccia, Simon Gilchrist, Dale Henderson, Ayhan Kose, and Jonathan Ostry for their comments, and Dio Kaltis for high-quality research assistance. This paper represents only the authors' views and not those of the International Monetary Fund, its Executive Board, its Management, or the National Bureau of Economic Research.