Recent Credit Surge in Historical Context

Benign financing conditions since the global financial crisis and, more recently, rising financing needs have fueled a rapid increase in credit to the nonfinancial private sector, especially to the corporate sector, in emerging markets and developing economies. Credit growth has been most pronounced, and nearing the pace associated with past credit booms, in commodity exporting countries. In contrast, in commodity importers, credit-to-gross domestic product ratios are elevated but have been stable or shrinking over the past few years. That said, in a few, mostly energy exporting, emerging and developing countries, credit to the private sector is now near levels that have been associated with past episodes of financial stress.

Bibliographic Details

Main Authors:	Yu, Shu, Ohnsorge, Franziska
Format:	Working Paper biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2016-06
Subjects:	DOMESTIC BOND, CONTINGENT LIABILITIES, MONETARY POLICY, HOLDING, BORROWER, CREDIT DEFAULT SWAPS, INTERNATIONAL CAPITAL, REAL INTEREST RATES, INTEREST, EMERGING MARKET BOND, PRIVATE CREDIT, OPTION, BOND SPREADS, INTERNATIONAL SALES, DEVELOPING COUNTRIES, EXPORTERS, PORTFOLIO, MARKET SIZE, FISCAL POLICY, LIQUIDITY RISK, CURRENCY MISMATCH, LOAN, BOND FINANCING, DEBT OVERHANG, MARKET ACCESS, CURRENT ACCOUNT SURPLUSES, DEBT BURDENS, CASH FLOWS, INSTRUMENTS, BANK REGULATION, OIL PRICES, CURRENCY, MARKET DEVELOPMENT, DOMESTIC CURRENCY, BANK LINKAGES, MULTINATIONAL BANK, RESERVE BANK, INCOME GROWTH, MULTINATIONAL BANKS, FOREIGN CURRENCIES, BOND ISSUANCE, EXCHANGE RATES, FOREIGN CURRENCY RISKS, CORPORATE BOND MARKET, MONETARY FUND, EMERGING MARKET, FINANCIAL INSTITUTIONS, PRIVATE SECTOR DEBT, DEBT, MARKETS, FINANCIAL CRISES, INFLATION RATE, SETTLEMENT, INTERNATIONAL DEBT, BORROWING COSTS, DEBT SERVICE, BANK CREDIT, BANK FINANCING, DOMESTIC BANK, CURRENT ACCOUNT DEFICITS, MARKET ECONOMIES, BANKING SECTOR, FISCAL DEFICIT, EMERGING MARKETS, CURRENCY RISKS, FEDERAL RESERVE, BOND MARKETS, INTERNATIONAL FINANCIAL STATISTICS, COUNTRY DEBT, LIQUIDITY RATIOS, ACCESS TO BOND MARKETS, BANK BALANCE SHEETS, DEBT SECURITIES, ISSUANCE, LIQUIDITY MANAGEMENT, DEBTOR COUNTRIES, LOCAL MARKETS, SHARES, LOCAL CURRENCY, NON-PERFORMING LOAN, SECURITIES, PUBLIC DEBT, BOND MATURITY, TREASURY, SOLVENCY, PRIVATE DEBT, CREDIT SPREADS, BOND MARKET ACTIVITY, CREDIT RISK, FEDERAL RESERVE SYSTEM, CURRENCIES, GOVERNMENT DEBT, MACROECONOMIC VOLATILITY, DOMESTIC CREDIT, FINANCIAL INSTABILITY, CORPORATE BOND, INTERNATIONAL BANK LENDING, INTERNATIONAL DEBT MARKETS, FINANCIAL SUPPORT, LENDING, CAPITAL FLOW, MATURITIES, MICRO DATA, COMMODITY PRICES, LIABILITIES, BOND MARKET DEVELOPMENT, INTERNATIONAL BANKS, CAPITAL ACCOUNT, ASSET PRICE, FOREIGN BANK, CURRENCY MISMATCHES, GLOBAL FINANCIAL STABILITY, DEFICIT, CAPITAL MARKETS, BASIS POINTS, OIL PRICE, NPL, MICRODATA, STOCK, BOND MATURITIES, INTERNATIONAL SETTLEMENT, CURRENCY CRISES, DUMMY VARIABLES, ASSET PRICES, SHARE OF CREDIT, EMERGING ECONOMIES, INTEREST RATE, EXCHANGE, BANKING SYSTEM, ISSUANCES, INTERNATIONAL FINANCIAL MARKETS, LIQUIDITY, EQUITY MARKET, DEBTOR, GOVERNMENT BORROWING, REAL INTEREST, CDS, BONDS, FINANCIAL STRESS, DEBT OVERHANGS, MACROECONOMIC CONDITIONS, NON-PERFORMING LOANS, BOND YIELDS, RESERVE, CENTRAL BANKS, CREDITORS, INFLATION, INTERNATIONAL BANK, CREDITOR, DEVELOPING COUNTRY, ENABLING ENVIRONMENT, EMERGING MARKET ECONOMIES, CREDIT DEFAULT, FINANCIAL FRAGILITY, BANK LENDING, MATURITY, LONG-TERM DEBT, INTERNATIONAL FINANCE, MORTGAGES, GLOBAL ECONOMY, SOURCE OF CREDIT, POLICY RESPONSES, FINANCIAL STUDIES, PORTFOLIOS, OPTIONS, INTEREST RATES, DOMESTIC BANKS, DEFICITS, BUSINESS CYCLE, LENDERS, INTERNATIONAL ECONOMICS, LOANS, RESERVES, FINANCIAL SYSTEM, BORROWING COST, FINANCE, FOREIGN CURRENCY, MARKET PRICE, EQUITY, INVESTORS, DEBT RATIO, FEDERAL RESERVE BANK, INTERNATIONAL BANKING, FINANCIAL STABILITY, PRIVATE SECTOR CREDIT, BANKING CRISIS, ACCESS TO CAPITAL, FINANCIAL CRISIS, CAPITAL RAISING, DOMESTIC BANKING, CORPORATE BOND ISSUANCE, BOND MARKET, WORKING CAPITAL, CAPITAL FLOWS, FOREIGN BANKS, BALANCE SHEET, DEFAULT, LOAN QUALITY, MARKET, DEBT MARKETS, CORPORATE DEBT, BANK LOANS, FINANCIAL DEVELOPMENT, EQUITY MARKETS, FINANCIAL MARKET, INTERNATIONAL FINANCIAL MARKET, INTERNATIONAL MARKET, INVESTMENT, BOND, SHARE, BALANCE SHEETS, FINANCIAL MARKETS, INDIVIDUAL BOND, CAPITAL INFLOWS, EXTERNAL DEBT, CREDIT GROWTH, SWAPS, EXCHANGE RATE, INSTRUMENT, ASSETS RATIO, BANKING CRISES, INTERNATIONAL SETTLEMENTS, NONPERFORMING LOANS, DOMESTIC BOND MARKETS,
Online Access:	http://documents.worldbank.org/curated/en/2016/06/26497916/recent-credit-surge-historical-context https://hdl.handle.net/10986/24620
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