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Credit Booms and Macroeconomic Dynamics:Stylized Facts and Lessons for Low-Income Countries

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by Marco Arena & Serpil Bouza
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Credit Booms and Macroeconomic Dynamics:Stylized Facts and Lessons for Low-Income Countries by Marco Arena & Serpil Bouza

Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960–2011, we identify, document, and compare the macro-economic dynamics of credit booms across low- and middle-income countries. The results suggest that while the duration and magnitude of credit booms is similar across country groups, macro-economic dynamics differ somewhat in low-income countries. We further find that surges in capital inflows are associated with credit booms. Moreover, credit booms associated with banking crises exhibit distinct macroeconomic dynamics, while also reflecting a potentially large deviation of credit from country fundamentals. These results suggest that low-income countries should remain mindful of the inter-linkages between financial liberalization, increased cross-border banking activities, and rapid credit growth.

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Ebook Details
Pages: 47
Size: 3.1 MB
Date published:   2015
ISBN: 9781498355261 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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