Understanding the dichotomy of financial development: credit deepening versus credit excess

Alfonso Ugarte-Ruiz

No 1501, Working Papers from BBVA Bank, Economic Research Department

Abstract: In this paper we introduce several methodological innovations in an empirical analysis of the determinants of the private Credit-to-GDP ratio, which allow us to estimate the long-term sustainable level of credit deepening in a country and its deviations. We also find new evidence of different effects of some macroeconomic variables in the long, medium and short-term on the credit ratio.

Keywords: credit deepening; credit-to-gdp ratio; financial development; leverage (search for similar items in EconPapers)
JEL-codes: C33 E43 E44 E51 E58 E61 F47 G01 G18 G20 G21 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2015-01
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bbv:wpaper:1501

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