Analysis and evidence of how the factors that give rise to boom-bust cycles in fast-growing developing economies also enhance long-run growth. The volatility th

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since ma

Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing o

We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic e

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and l