Jordà, Òscar; Schularick, Moritz; Taylor, Alan M - In: IMF Economic Review 59 (2011) 2, pp. 340-378
Do external imbalances increase the risk of financial crises? This paper studies the experience of 14 developed countries over 140 years (1870–2008). It exploits the long-run data set in a number of different ways. First, the paper applies new statistical tools to describe the temporal and...
