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What Drives Private Non Financial Sector Borrowing in Emerging Market Economies?

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  • Ramona Jimborean

Abstract

[eng] The last decade has been characterised by a considerable increase in private non financial sector borrowing. Through a panel data analysis performed with quarterly data over the period 1993 Q1 to 2014 Q3, the article shows that, in emerging market economies (EMEs), the buildup phase of the high private non financial borrowing is associated with: an increase in credit demand; real currency appreciation; accommodative monetary policy stance and reduced macroeconomic vulnerabilities complemented by a healthy and large domestic banking system. In addition, global factors, such as the US dollar appreciation, high global financial market volatility and the US monetary policy stance, are found to explain the recent increase in private non financial sector borrowing in EMEs.

Suggested Citation

  • Ramona Jimborean, 2018. "What Drives Private Non Financial Sector Borrowing in Emerging Market Economies?," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Études Économiques (INSEE), issue 503-504, pages 143-161.
  • Handle: RePEc:nse:ecosta:ecostat_2018_503-504_9
    DOI: https://doi.org/10.24187/ecostat.2018.503d.1962
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    References listed on IDEAS

    as
    1. Michael Chui & Ingo Fender & Vladyslav Sushko, 2014. "Risks related to EME corporate balance sheets: the role of leverage and currency mismatch," BIS Quarterly Review, Bank for International Settlements, September.
    2. Stefan Avdjiev & Michael Chui & Hyun Song Shin, 2014. "Non-financial corporations from emerging market economies and capital flows," BIS Quarterly Review, Bank for International Settlements, December.
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    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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