TY  - JOUR
AU  - Tornell,Aaron
AU  - Westermann,Frank
TI  - Credit Market Imperfections in Middle Income Countries
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9737
PY  - 2003
Y2  - June 2003
UR  - http://www.nber.org/papers/w9737
L1  - http://www.nber.org/papers/w9737.pdf
N1  - Author contact info:
Aaron Tornell
Department of Economics
UCLA
405 Hilgard Ave, Bunche Hall #8283
Los Angeles, CA  90095-1477
Tel: 310/794-1686
Fax: 310/825-9528
E-Mail: tornell@econ.ucla.edu

Frank Westermann
Department of Economics
Rolandstr. 8
49069 Osnabrueck, Germany
E-Mail: Frank.Westermann@uni-osnabrueck.de
AB  - 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.
ER  -