Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine

Christoph Duenwald, Nikolay Gueorguiev and Andrea Schaechter

No 2005/128, IMF Working Papers from International Monetary Fund

Abstract: Rapid credit growth in Bulgaria, Romania, and Ukraine has been driven by successful macroeconomic stabilization, robust growth, and capital inflows. While financial deepening is both expected and welcome, the recent expansions appear to have been excessive, as evidenced by widening current account deficits in Bulgaria and Romania, and prudential concerns in Ukraine. Policy responses have included attempts to both moderate credit growth and offset its impact on domestic demand, with mixed success thus far.

Keywords: WP; credit boom; credit growth; foreign currency; banking sector; banking system (search for similar items in EconPapers)
Pages: 33
Date: 2005-06-01
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Citations: View citations in EconPapers (60)

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