In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...

Am 21. November 2004 haben sich die Münchner in einem Bürgerentscheid mit knapper Mehrheit dafür ausgesprochen, die Maximalhöhe für neue Hochhäuser auf 100 Meter zu begrenzen. Stark verkürzt hießen die Alternativen bei dieser Wahl: "Hochhäuser" oder "keine Hochhäuser". Aus...

In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...