NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Credit Market Imperfections in Middle Income Countries

Aaron Tornell, Frank Westermann

NBER Working Paper No. 9737
Issued in June 2003
NBER Program(s):   IFM

In this paper we document three credit market imperfections prevalent in middle income countries that can help explain the boom-bust cycles as well as other macroeconomic patterns observed at higher frequencies across these countries. These imperfections are: the existence of financing constraints that affect mainly the nontradables sector, currency mismatch and systemic bailout guarantees.

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Document Object Identifier (DOI): 10.3386/w9737

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