beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …

beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …

beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …

The credit-to-GDP gap is a fundamental indicator used to identify credit bubbles. Currently, the indicator takes into … account aggregate credit as a ratio of GDP, without distinguishing between local and foreign currency. In the Albanian … financial system, foreign currency loans comprise about fifty percent of the total credit. Due to the large share of foreign …