Creditless recoveries /
Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "creditless", and average growth during these episodes is about a third lower...
| Main Authors: | , , |
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| Other Authors: | , |
| Format: | Book |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2011
Washington, D.C. : 2011 |
| Series: | IMF Working Papers ;
Working Paper No. 11/58 IMF Working Papers; Working Paper ; No. 2011/058 IMF eLibrary IMF working paper ; WP/11/58 |
| Subjects: |
| Summary: | Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "creditless", and average growth during these episodes is about a third lower than during "normal" recoveries. Aggregate and sectoral data suggest that impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms. Furthermore, sectors more dependent on external finance grow relatively less and more financially dependent activities (such as investment) are curtailed more during creditless recoveries Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "creditless", and average growth during these episodes is about a third lower than during "normal" recoveries. Aggregate and sectoral data suggest that impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms. Furthermore, sectors more dependent on external finance grow relatively less and more financially dependent activities (such as investment) are curtailed more during creditless recoveries |
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| Item Description: | Part of the IMF eLibrary collection |
| Physical Description: | 1 online resource (30 pages) 1 online resource (31 pages) |
| Bibliography: | Includes bibliographical references |
| ISBN: | 1283568519 1455221023 1455221023: 1455234087 9781283568517 9781455221028 9781455234080 |
| ISSN: | 1018-5941 2227-8885 1018-5941 ; |
| Access: | Restricted for use by site license Restricted for use by site license. |