Rapid Credit Growth
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Rapid Credit Growth
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Author : Selim Elekdag
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-01
Rapid Credit Growth written by Selim Elekdag and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-01 with Business & Economics categories.
Episodes of rapid credit growth, especially credit booms, tend to end abruptly, typically in the form of financial crises. This paper presents the findings of a comprehensive event study focusing on 99 credit booms. Loose monetary policy stances seem to have contributed to the build-up of credit booms across both advanced and emerging economies. In particular, domestic policy rates were below trend during the pre-peak phase of credit booms and likely fuelled macroeconomic and financial imbalances. For emerging economies, while credit booms are associated with episodes of large capital inflows, international interest rates (a proxy for global liquidity) are virtually flat during these periods. Therefore, although external factors such as global liquidity conditions matter, and possibly increasingly so over time, domestic factors (especially monetary policy) also appear to be important drivers of real credit growth across emerging economies.
Rapid Credit Growth In Central And Eastern Europe
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Author : Charles Enoch
language : en
Publisher: Springer
Release Date : 2007-02-14
Rapid Credit Growth In Central And Eastern Europe written by Charles Enoch and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-14 with Business & Economics categories.
This book represents the latest developments and policy debate on the rapid growth of banking sector credit to the private sector, which continues to occupy the minds of academics and policymakers alike in many Central and Eastern European countries. The contributions discuss ways to assess and respond to excessive credit growth.
Assessing And Managing Rapid Credit Growth And The Role Of Supervisory And Prudential Policies
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Author : Inci Ötker
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-07-01
Assessing And Managing Rapid Credit Growth And The Role Of Supervisory And Prudential Policies written by Inci Ötker and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-01 with categories.
This paper reviews trends in bank lending to the private sector, with a particular focus on Central and Eastern European countries, and finds that rapid growth of private sector credit continues to be a key challenge for most of these countries. The paper discusses possible implications for economic and financial stability and the policy options available to counter and reduce these risks. It argues that the authorities will need to focus on the implications for both the macro economy and the financial system and, depending on their assessment, may need a comprehensive policy response comprising a mix of macro and prudential policies. In particular where there are limitations to the effective use of monetary and fiscal measures, supervisory and prudential policy responses will have a key role in addressing financial stability concerns.
Rapid Credit Growth In Azerbaijan
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Author : Rashad Karimov
language : en
Publisher: GRIN Verlag
Release Date : 2010-08
Rapid Credit Growth In Azerbaijan written by Rashad Karimov and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08 with Credit categories.
Master's Thesis from the year 2010 in the subject Economics - Macro-economics, general, grade: A-, Central European University Budapest, language: English, abstract: This thesis investigates a credit boom in Azerbaijan in 2008 year. I also employ VECM to my model to figure out long-run and short-run dynamics and equilibrium level of credit. This paper also studies macroeconomic implications of high credit expansion. The study shows that credit boom creates non-trivial risk for macro aggregates and is followed by financial crisis in the economy.
Credit Growth And Bank Soundness
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Author : Ms.Deniz Igan
language : en
Publisher: International Monetary Fund
Release Date : 2011-12-01
Credit Growth And Bank Soundness written by Ms.Deniz Igan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-01 with Business & Economics categories.
We examine the risks to bank soundness associated with credit booms in a large set of countries. Using bank-level data in 90 countries between 1995 and 2005, we analyze the relationship between credit growth and bank soundness taking into account the potential two-way causality. We find that, while sounder banks tend to grow faster at moderate-growth periods, credit growth becomes less dependent on soundness during booms. These findings shed some light on why credit booms are often associated with financial crises.
Capital Inflows Credit Growth And Financial Systems
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Author : Deniz Igan
language : en
Publisher: International Monetary Fund
Release Date : 2015-08-18
Capital Inflows Credit Growth And Financial Systems written by Deniz Igan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-18 with Business & Economics categories.
Exploiting a granular panel dataset that breaks down capital inflows into FDI, portfolio and other categories, and distinguishes between credit to the household sector and to the corporate sector, we investigate the association between capital inflows and credit growth. We find that non-FDI capital inflows boost credit growth and increase the likelihood of credit booms in both household and corporate sectors. For household credit growth, the composition of capital inflows appears to be more important than financial system characteristics. In contrast, for corporate credit growth, both the composition and the financial system matter. Regardless of sectors and financial systems, net other inflows are always linked to rapid credit growth. Firm-level data corroborate these findings and hint at a causal link: net other inflows are related to more rapid credit growth for firms that rely more heavily on external financing. Further explorations on how capital flows translate into more credit indicate that both demand and supply side factors play a role.
What Drives Credit Growth In Emerging Asia
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Author : Selim Elekdag
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-01
What Drives Credit Growth In Emerging Asia written by Selim Elekdag and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-01 with Business & Economics categories.
This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block SVAR whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a recursive (block-) Cholesky structure. We find that domestic factors are more dominant than external factors in driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in terms of managing rapid credit growth in emerging Asia.
Rapid Credit Growth In Central And Eastern Europe
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Author : Charles Enoch
language : en
Publisher:
Release Date : 2007
Rapid Credit Growth In Central And Eastern Europe written by Charles Enoch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Credit control categories.
This volume represents the latest developments and policy debate on the rapid growth of banking sector credit to the private sector, which continues to occupy the minds of academics and policymakers alike in many Central and Eastern European (CEE) countries. The papers, presented by the representatives of international organizations and monetary and supervisory authorities of a number of Western and CEE countries, provide discussions on how to assess and respond to excessive credit growth. Case studies represent the challenges faced by policymakers in dealing with rapid credit growth, providing useful lessons for other countries experiencing a similar phenomenon.--Publisher's description.
Credit Growth In Sub Saharan Africa Sources Risks And Policy Responses
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Author : Plamen Iossifov
language : en
Publisher: International Monetary Fund
Release Date : 2009-08
Credit Growth In Sub Saharan Africa Sources Risks And Policy Responses written by Plamen Iossifov and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08 with Business & Economics categories.
In this paper, we analyze credit growth in Sub-Saharan Africa over the past decade focusing on the post-2002 rapid credit growth in select countries. We develop regression models of the fundamental determinants of bank credit and use them to examine whether they can fully explain developments in rapid credit growth countries. We then argue that rapid credit expansion, whether a manifestation of a credit boom or driven by fundamentals, can give rise to prudential and macroeconomic risks. We detail these risks and discuss the choice of policies to mitigate them. We conclude by evaluating the likely impact of the ongoing global recession and financial crisis on credit growth in Sub-Saharan Africa.
Credit Growth In Latin America
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Author : Niels-Jakob Harbo Hansen
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-10
Credit Growth In Latin America written by Niels-Jakob Harbo Hansen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-10 with Business & Economics categories.
Banking credit to the private sector in Latin America has on average increased by 7 percent of GDP from primo 2004 to ultimo 2011, with real credit in some countries growing by up to 20 percent per year. This paper documents and analyzes the patterns of credit growth in 18 countries in Latin America and uses econometric methods to determine whether it is indicative of financial deepening or poses risks of credit booms. The strongest credit growth occurred for consumption and mortgages within the household sector and for construction within the corporate sector. At the same time credit has de-dollarized in most countries and there are some signs of maturity lengthening. To assess whether the recent credit growth is excessive two different methods are applied. First, by application of HP-filters the paper finds that credit-to-GDP levels in a number of countries are above their long-term trend. Second, using a panel co-integration approach on 107 high and mid-income countries the paper estimates a model for the credit-to-GDP levels. Comparing the actual levels of credit with the ones predicted by the model we find that some countries in Latin America show significant and positive deviations. These results indicate the existence of a certain level of risk in the recent credit developments.