NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

Òscar Jordà, Moritz Schularick, Alan M. Taylor

NBER Working Paper No. 16567
Issued in December 2010

---- Acknowledgements -----

Taylor has been supported by the Center for the Evolution of the Global Economy at UC Davis and Jorda by DGCYT Grant (SEJ2007-63098-econ). Some work was completed while Taylor was a Houblon- Norman/George Fellow at the Bank of England, and later when he was a Senior Advisor at Morgan Stanley. All of this research support is gratefully acknowledged. Felix Mihram provided excellent research assistance. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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