This paper examines why some countries experience economic recoveries without pick-up of bank credit (credit-less) and how different this recovery pattern is from the case where credit is increased as an economy recovers (credit-with). To answer these questions, the paper uses quarterly data covering 96 countries and identifies 272 recovery episodes. It finds that more than 25 percent of all recoveries are credit-less and around 45 percent of all...
انظر المزيد
تفاصيل
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2013/5/01
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ورقة عمل خاصة ببحوث السياسات
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WPS6459
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1
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1
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2013/5/01
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Disclosed
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Credit-less recoveries : neither a rare nor an insurmountable challenge
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real effective exchange rate