Further Fallout from the Global Financial Crisis
We examine the recent credit slowdown in emerging markets from three analytical angles. First, we find that, similar to past history, a credit boom preceded the current slowdown in many emerging markets, and argue that, going forward, a protracted period of sluggish growth is likely. Second, we focus on a relatively understudied region – the Middle East and North Africa (MENA) – using a more detailed banking data. We uncover a key role played by bank funding, in particular, deposit growth and external borrowing slowed considerably, despite expansionary monetary policy. Finally, we show that bank-level fundamentals – capitalisation and loan quality – helped to explain differences in credit growth across banks and countries.
Year of publication: |
2011
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Authors: | Barajas, Adolfo ; Chami, Ralph ; Espinoza, Raphael ; Hesse, Heiko |
Published in: |
World Economics. - World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE. - Vol. 12.2011, 2, p. 153-176
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Publisher: |
World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE |
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