Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …

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 …

increases in employment and output rather than only in wages; and (2) even though the domestic saving rate is high, foreign …