Credit Market in Morocco: A Disequilibrium Approach
AbstractIn this paper we use a disequilibrium framework common in the “credit crunch” literature, first to examine whether the slow credit growth in Morocco during the rapid expansion of liquidity in the first half of the decade can be attributed to credit rationing, and second to investigate the role of asset price increases in the recent acceleration of credit growth. Our results do not support the credit rationing hypothesis in the first half of the decade. They do however, show that the recent increase in real estate prices stimulated credit supply and demand, with a stronger effect on the latter.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 09/53.
Date of creation: 01 Mar 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
- NEP-ARA-2009-05-02 (MENA - Middle East & North Africa)
- NEP-FMK-2009-05-02 (Financial Markets)
- NEP-MAC-2009-05-02 (Macroeconomics)
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