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Credit Growth in Central and Eastern Europe Revisited

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Abstract

This short study builds on earlier work by Égert, Backé and Zumer that analyzes data up to the end of 2004 and presents updated results on the deviations of private sector credit-to-GDP levels from their estimated equilibrium levels in the ten new Central, Eastern and Southeastern European EU Member States and in Croatia. The study uses new data on lending and its determinants until end-2006, which show that the levels of private sector credit to GDP continued to catch up with their long-run equilibrium levels in 2005 and 2006. Moreover, in a few countries, credit levels have already become fairly elevated relative to the underlying fundamentals. The paper discusses implications for policymaking in European emerging economies on the basis of these developments, focusing on the contributions the most important policy domains can make to managing dynamic financial sector deepening and its implications for macroeconomic developments.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Focus-on-European-Economic-Integration/2007/Focus-on-European-Economic-Integration-Q2-07/chapters/feei_2007_2_backe_egert_walko_tcm16-79072.pdf
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Bibliographic Info

Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

Volume (Year): (2007)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:onb:oenbfi:y:2007:i:2:b:2

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Cited by:
  1. Pistor, Katharina, 2010. "Into the Void: Governing Finance in Central and Eastern Europe," Working Paper Series wp2010-65, World Institute for Development Economic Research (UNU-WIDER).
  2. Claudiu Tiberiu Albulescu, 2010. "Forecasting Credit Growth Rate In Romania: From Credit Boom To Credit Crunch?," Journal of Information Systems & Operations Management, Romanian-American University, vol. 5(1), pages 62-75, March.
  3. Hansen, Niels-Jakob & Sulla, Olga, 2013. "El crecimiento del crédito en América Latina: ¿Desarrollo financiero o boom crediticio?," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 25, pages 51-80.
  4. Gunther Schnabl, 2007. "Exchange Rate Volatility and Growth in Emerging Europe and East Asia," CESifo Working Paper Series 2023, CESifo Group Munich.
  5. Vieira, Fabrício A.C. & Holland, Márcio & Resende, Marco F., 2012. "Financial dollarization and systemic risks: New empirical evidence," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1695-1714.

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