Understanding the dichotomy of financial development: credit deepening versus credit excess
Alfonso Ugarte-Ruiz ()
No 1501, Working Papers from BBVA Bank, Economic Research Department
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
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Persistent link: https://EconPapers.repec.org/RePEc:bbv:wpaper:1501
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