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Credit in times of stress: lessons from Latin America


  • Carlos Montoro
  • Liliana Rojas-Suarez


The 2007-09 global financial crisis disrupted the provision of credit in Latin America less than previous crises. We identify key initial macroeconomic conditions that contributed to the higher resilience of real credit in Latin America during this episode. These relate to economies' capacity to withstand an external financial shock and the scope for countercyclical macroeconomic policies. We also show that in most cases current macroeconomic fundamentals have deteriorated relative to those in 2007.

Suggested Citation

  • Carlos Montoro & Liliana Rojas-Suarez, 2012. "Credit in times of stress: lessons from Latin America," BIS Quarterly Review, Bank for International Settlements, September.
  • Handle: RePEc:bis:bisqtr:1209g

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    References listed on IDEAS

    1. Carlos Montoro & Liliana Rojas-Suarez, 2012. "Credit at times of stress: Latin American lessons from the global financial crisis," BIS Working Papers 370, Bank for International Settlements.
    2. Stephen Cecchetti & Michael R King & James Yetman, 2011. "Weathering the financial crisis: good policy or good luck?," BIS Working Papers 351, Bank for International Settlements.
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    Cited by:

    1. Miyajima, Ken & Mohanty, M.S. & Chan, Tracy, 2015. "Emerging market local currency bonds: Diversification and stability," Emerging Markets Review, Elsevier, vol. 22(C), pages 126-139.
    2. repec:bis:bisifc:45-18 is not listed on IDEAS
    3. repec:bis:bisifb:45 is not listed on IDEAS
    4. Gozgor, Giray, 2014. "Determinants of domestic credit levels in emerging markets: The role of external factors," Emerging Markets Review, Elsevier, vol. 18(C), pages 1-18.

    More about this item

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G2 - Financial Economics - - Financial Institutions and Services


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