This book by Tornell and Westermann is an excellent starting point for public-policy debates on the pros and cons of financial liberalization in developing countries. They put forward a provocative argument: welfare costs of financial crises are, on average, outweighed by the benefits of high growth. The authors provide state-of-the-art theoretical analysis and supporting evidence to illustrate, in a novel way, the workings of an unconventional credit channel responsible for boom-bust cycles.
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Boom-Bust Cycles and Financial Liberalization
The authors successfully resolve what has been the most vexing problem in development finance: Should middle-income countries liberalize domestic interest rates and free international capital flows in the presence of domestic credit market distortions and moral hazard from government rescue operations? Tornell and Westermann show that financial fragility, and the possibility of major crashes, naturally increase with such financial liberalization.
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