Rancière, Romain; Tornell, Aaron; Westermann, Frank - In: The Quarterly Journal of Economics 123 (2008) 1, pp. 359-406
Countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. Because financial crises are realizations of downside risk, we measure their incidence by the skewness of credit growth. Unlike variance, negative skewness...