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Is credit growth in central and eastern European countries excessive?

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  • Coudert, V.
  • Pouvelle, C.

Abstract

Annual credit growth rates of around 30% and 50% have been observed in some central, eastern and south-eastern European countries (the Baltic States, Bulgaria, Romania, Albania and Macedonia). Is this strong credit growth likely to result in a credit boom that would be detrimental to the economy? Or can it be explained by a catching-up process that is normal for countries with a low level of fi nancial intermediation at the time of their transition?.

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File URL: http://www.banque-france.fr/gb/publications/telechar/bulletin/qsa/qsa13/qsa13etud_5.pdf
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Bibliographic Info

Article provided by Banque de France in its journal Quarterly selection of articles - bulletin de la Banque de France.

Volume (Year): (2008)
Issue (Month): 13 (Autumn)
Pages: 63-102

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Handle: RePEc:bfr:quarte:2008:13:05

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Related research

Keywords: bank loans; convergence; catching-up.;

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References

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  1. Aaron Tornell & Frank Westermann, 2002. "Boom-Bust Cycles in Middle Income Countries: Facts and Explanation," NBER Working Papers 9219, National Bureau of Economic Research, Inc.
  2. Bordo, Michael D & Jeanne, Olivier, 2002. "Boom-Busts in Asset Prices, Economic Instability and Monetary Policy," CEPR Discussion Papers 3398, C.E.P.R. Discussion Papers.
  3. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2001. "Does Financial Liberalization Spur Growth?," NBER Working Papers 8245, National Bureau of Economic Research, Inc.
  4. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
  5. Gergely Kiss & Márton Nagy & Balázs Vonnák, 2006. "Credit Growth in Central and Eastern Europe: Convergence or Boom?," MNB Working Papers 2006/10, Magyar Nemzeti Bank (the central bank of Hungary).
  6. Egert, Balázs & Backé, Peter & Zumer, Tina, 2006. "Credit growth in Central and Eastern Europe: new (over)shooting stars?," Working Paper Series 0687, European Central Bank.
  7. Nauro F. Campos & Abrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 793-836, September.
  8. Adalid, Ramón & Detken, Carsten, 2007. "Liquidity shocks and asset price boom/bust cycles," Working Paper Series 0732, European Central Bank.
  9. Thomas Gruber & Doris Ritzberger-Grünwald, 2005. "The Euro Changeover in the New Member States - A Preview," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 52-75.
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Cited by:
  1. Lahura, Erick & Chang, Giancarlo & Salazar, Oscar, 2013. "Identificación de Episodios de Auge Crediticio: Una propuesta Metodológica con Fundamentos Económicos," Working Papers 2013-011, Banco Central de Reserva del Perú.

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