 Credit Market in Morocco: A Disequilibrium ApproachNada Oulidi and Laurence Allain No 2009/053, IMF Working Papers from International Monetary Fund Abstract: In this paper we use a disequilibrium framework common in the “credit crunch” literature, first to examine whether the slow credit growth in Morocco during the rapid expansion of liquidity in the first half of the decade can be attributed to credit rationing, and second to investigate the role of asset price increases in the recent acceleration of credit growth. Our results do not support the credit rationing hypothesis in the first half of the decade. They do however, show that the recent increase in real estate prices stimulated credit supply and demand, with a stronger effect on the latter. Keywords: WP; credit crunch; real interest rate; stock market index; Credit growth; credit demand; credit supply; real estate prices; noncollateralized bank lending; equity capital; Treasury bill rate; price variable; bank equity price; risk management practice; lending capacity; stock market price; lending process; proxy asset price; Credit; Stock markets; Bank credit; Asset prices; East Asia (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2009/053 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC. |
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