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Further Fallout from the Global Financial Crisis

  • Adolfo Barajas
  • Ralph Chami
  • Raphael Espinoza
  • Heiko Hesse

We examine the recent credit slowdown in emerging markets from three analytical angles. First, we find that, similar to past history, a credit boom preceded the current slowdown in many emerging markets, and argue that, going forward, a protracted period of sluggish growth is likely. Second, we focus on a relatively understudied region – the Middle East and North Africa (MENA) – using a more detailed banking data. We uncover a key role played by bank funding, in particular, deposit growth and external borrowing slowed considerably, despite expansionary monetary policy. Finally, we show that bank-level fundamentals – capitalisation and loan quality – helped to explain differences in credit growth across banks and countries.

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File URL: http://www.world-economics-journal.com/Contents/ArticleOverview.aspx?ID=475
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Article provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.

Volume (Year): 12 (2011)
Issue (Month): 2 (April)
Pages: 153-176

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Handle: RePEc:wej:wldecn:475
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