Ranciere, Romain Rancière; Tornell, Aaron; Westermann, … - National Bureau of Economic Research (NBER) - 2005
growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between … variance and growth typically found in the literature. To explain the link between crises and growth we present a model where … contract enforce-ability problems generate borrowing constraints and impede growth. In the set of financially liberalized …