High credit growth in Emerging Europe, generally considered a sign of catching-up with the"old"Europe, has begun receiving considerable attention among investors and policymakers alike. Given heightened global risks and the demands under the European Union accession process, the need to better understand this high credit growth's drivers, riskiness, and the possible macroeconomic and financial stability consequences is strong. The authors adopt a holistic approach in reviewing the rapid credit growth experienced in the region, examining macroeconomic, financial sector, corporate sector, and asset market consequences and possible vulnerabilities. They consider three possible scenarios-a catching-up with older European countries, a soft landing as experienced by Portugal in the early 2000s, and a hard landing as experienced by Asia in 1997.
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Roberto Chang & Andres Velasco, 1998.
"The Asian Liquidity Crisis,"
NBER Working Papers
6796, National Bureau of Economic Research, Inc.
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Velasco, A. & Chang, R., 1998.
"The Asian Liquidity Crisis,"
Working Papers
98-27, C.V. Starr Center for Applied Economics, New York University.
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