This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After … building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses … panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our …

This paper examines why some countries experience economic recoveries without pick-up of bank credit (credit-less) and … how different this recovery pattern is from the case where credit is increased as an economy recovers (credit-with). To … that more than 25 percent of all recoveries are credit-less and around 45 percent of all credit-less recoveries occurred in …