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Further Fallout from the Global Financial Crisis

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

Abstract

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.

Suggested Citation

  • Adolfo Barajas & Ralph Chami & Raphael Espinoza & Heiko Hesse, 2011. "Further Fallout from the Global Financial Crisis," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 12(2), pages 153-176, April.
  • Handle: RePEc:wej:wldecn:475
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    1. repec:bla:ausecp:v:56:y:2017:i:3:p:228-248 is not listed on IDEAS

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