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Déjà vu All Over Again? Learning from Nonfinancial Business Credit Booms and Busts of the Past
I study nonfinancial business credit booms that took place in the United States, the Nordic Countries, and Korea in the past century. I examine the factors that created the boom, what caused the boom to turn to a bust, and the effect of leverage on the events that followed. The case studies illustrate the variety of economic and institutional factors that contribute to nonfinancial business credit booms as well as the intensity of the fallout when booms turned to busts. Though the factors that led to the booms varied, one commonality is that the turning point between boom and bust period in ...