Further Fallout from the Global Financial Crisis
Ralph Chami (),
Raphael Espinoza () and
World Economics, 2011, vol. 12, issue 2, 153-176
We examine the recent credit slowdown in emerging markets from three analytical angles. First, we find that, similar to past history, a credit boom preceded the current slowdown in many emerging markets, and argue that, going forward, a protracted period of sluggish growth is likely. Second, we focus on a relatively understudied region â€“ the Middle East and North Africa (MENA) â€“ using a more detailed banking data. We uncover a key role played by bank funding, in particular, deposit growth and external borrowing slowed considerably, despite expansionary monetary policy. Finally, we show that bank-level fundamentals â€“ capitalisation and loan quality â€“ helped to explain differences in credit growth across banks and countries.
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Persistent link: https://EconPapers.repec.org/RePEc:wej:wldecn:475
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