Recent Credit Surge in Historical Context
Benign financing conditions since the global financial crisis and, more recently, rising financing needs have fueled a rapid increase in credit to the nonfinancial private sector, especially to the corporate sector, in emerging markets and developi...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/06/26497916/recent-credit-surge-historical-context http://hdl.handle.net/10986/24620 |
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okr-10986-24620 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
DOMESTIC BOND CONTINGENT LIABILITIES MONETARY POLICY HOLDING BORROWER CREDIT DEFAULT SWAPS INTERNATIONAL CAPITAL REAL INTEREST RATES INTEREST EMERGING MARKET BOND PRIVATE CREDIT OPTION BOND SPREADS INTERNATIONAL SALES DEVELOPING COUNTRIES EXPORTERS PORTFOLIO MARKET SIZE FISCAL POLICY LIQUIDITY RISK CURRENCY MISMATCH LOAN BOND FINANCING DEBT OVERHANG MARKET ACCESS CURRENT ACCOUNT SURPLUSES DEBT BURDENS CASH FLOWS INSTRUMENTS BANK REGULATION OIL PRICES CURRENCY MARKET DEVELOPMENT DOMESTIC CURRENCY BANK LINKAGES MULTINATIONAL BANK RESERVE BANK INCOME GROWTH MULTINATIONAL BANKS FOREIGN CURRENCIES BOND ISSUANCE EXCHANGE RATES FOREIGN CURRENCY RISKS CORPORATE BOND MARKET MONETARY FUND EMERGING MARKET FINANCIAL INSTITUTIONS PRIVATE SECTOR DEBT DEBT MARKETS FINANCIAL CRISES INFLATION RATE SETTLEMENT INTERNATIONAL DEBT BORROWING COSTS DEBT SERVICE BANK CREDIT BANK FINANCING DOMESTIC BANK CURRENT ACCOUNT DEFICITS MARKET ECONOMIES BANKING SECTOR FISCAL DEFICIT EMERGING MARKETS CURRENCY RISKS FEDERAL RESERVE BOND MARKETS INTERNATIONAL FINANCIAL STATISTICS COUNTRY DEBT LIQUIDITY RATIOS ACCESS TO BOND MARKETS BANK BALANCE SHEETS DEBT SECURITIES ISSUANCE LIQUIDITY MANAGEMENT DEBTOR COUNTRIES LOCAL MARKETS SHARES LOCAL CURRENCY NON-PERFORMING LOAN SECURITIES PUBLIC DEBT BOND MATURITY TREASURY SOLVENCY PRIVATE DEBT CREDIT SPREADS BOND MARKET ACTIVITY CREDIT RISK FEDERAL RESERVE SYSTEM CURRENCIES GOVERNMENT DEBT MACROECONOMIC VOLATILITY DOMESTIC CREDIT FINANCIAL INSTABILITY CORPORATE BOND INTERNATIONAL BANK LENDING INTERNATIONAL DEBT MARKETS FINANCIAL SUPPORT LENDING CAPITAL FLOW MATURITIES MICRO DATA COMMODITY PRICES LIABILITIES BOND MARKET DEVELOPMENT INTERNATIONAL BANKS CAPITAL ACCOUNT ASSET PRICE FOREIGN BANK CURRENCY MISMATCHES GLOBAL FINANCIAL STABILITY DEFICIT CAPITAL MARKETS BASIS POINTS OIL PRICE NPL MICRODATA STOCK BOND MATURITIES INTERNATIONAL SETTLEMENT CURRENCY CRISES DUMMY VARIABLES ASSET PRICES SHARE OF CREDIT EMERGING ECONOMIES INTEREST RATE EXCHANGE BANKING SYSTEM ISSUANCES INTERNATIONAL FINANCIAL MARKETS LIQUIDITY EQUITY MARKET DEBTOR GOVERNMENT BORROWING REAL INTEREST CDS BONDS FINANCIAL STRESS DEBT OVERHANGS MACROECONOMIC CONDITIONS NON-PERFORMING LOANS BOND YIELDS RESERVE CENTRAL BANKS CREDITORS INFLATION INTERNATIONAL BANK CREDITOR DEVELOPING COUNTRY ENABLING ENVIRONMENT EMERGING MARKET ECONOMIES CREDIT DEFAULT FINANCIAL FRAGILITY BANK LENDING MATURITY LONG-TERM DEBT INTERNATIONAL FINANCE MORTGAGES GLOBAL ECONOMY SOURCE OF CREDIT POLICY RESPONSES FINANCIAL STUDIES PORTFOLIOS OPTIONS INTEREST RATES DOMESTIC BANKS DEFICITS BUSINESS CYCLE LENDERS INTERNATIONAL ECONOMICS LOANS RESERVES FINANCIAL SYSTEM BORROWING COST FINANCE FOREIGN CURRENCY MARKET PRICE EQUITY INVESTORS DEBT RATIO FEDERAL RESERVE BANK INTERNATIONAL BANKING FINANCIAL STABILITY PRIVATE SECTOR CREDIT BANKING CRISIS ACCESS TO CAPITAL FINANCIAL CRISIS CAPITAL RAISING DOMESTIC BANKING CORPORATE BOND ISSUANCE BOND MARKET WORKING CAPITAL CAPITAL FLOWS FOREIGN BANKS BALANCE SHEET DEFAULT LOAN QUALITY MARKET DEBT MARKETS CORPORATE DEBT BANK LOANS FINANCIAL DEVELOPMENT EQUITY MARKETS FINANCIAL MARKET INTERNATIONAL FINANCIAL MARKET INTERNATIONAL MARKET INVESTMENT BOND SHARE BALANCE SHEETS FINANCIAL MARKETS INDIVIDUAL BOND CAPITAL INFLOWS EXTERNAL DEBT CREDIT GROWTH SWAPS EXCHANGE RATE INSTRUMENT ASSETS RATIO BANKING CRISES INTERNATIONAL SETTLEMENTS NONPERFORMING LOANS DOMESTIC BOND MARKETS |
| spellingShingle |
DOMESTIC BOND CONTINGENT LIABILITIES MONETARY POLICY HOLDING BORROWER CREDIT DEFAULT SWAPS INTERNATIONAL CAPITAL REAL INTEREST RATES INTEREST EMERGING MARKET BOND PRIVATE CREDIT OPTION BOND SPREADS INTERNATIONAL SALES DEVELOPING COUNTRIES EXPORTERS PORTFOLIO MARKET SIZE FISCAL POLICY LIQUIDITY RISK CURRENCY MISMATCH LOAN BOND FINANCING DEBT OVERHANG MARKET ACCESS CURRENT ACCOUNT SURPLUSES DEBT BURDENS CASH FLOWS INSTRUMENTS BANK REGULATION OIL PRICES CURRENCY MARKET DEVELOPMENT DOMESTIC CURRENCY BANK LINKAGES MULTINATIONAL BANK RESERVE BANK INCOME GROWTH MULTINATIONAL BANKS FOREIGN CURRENCIES BOND ISSUANCE EXCHANGE RATES FOREIGN CURRENCY RISKS CORPORATE BOND MARKET MONETARY FUND EMERGING MARKET FINANCIAL INSTITUTIONS PRIVATE SECTOR DEBT DEBT MARKETS FINANCIAL CRISES INFLATION RATE SETTLEMENT INTERNATIONAL DEBT BORROWING COSTS DEBT SERVICE BANK CREDIT BANK FINANCING DOMESTIC BANK CURRENT ACCOUNT DEFICITS MARKET ECONOMIES BANKING SECTOR FISCAL DEFICIT EMERGING MARKETS CURRENCY RISKS FEDERAL RESERVE BOND MARKETS INTERNATIONAL FINANCIAL STATISTICS COUNTRY DEBT LIQUIDITY RATIOS ACCESS TO BOND MARKETS BANK BALANCE SHEETS DEBT SECURITIES ISSUANCE LIQUIDITY MANAGEMENT DEBTOR COUNTRIES LOCAL MARKETS SHARES LOCAL CURRENCY NON-PERFORMING LOAN SECURITIES PUBLIC DEBT BOND MATURITY TREASURY SOLVENCY PRIVATE DEBT CREDIT SPREADS BOND MARKET ACTIVITY CREDIT RISK FEDERAL RESERVE SYSTEM CURRENCIES GOVERNMENT DEBT MACROECONOMIC VOLATILITY DOMESTIC CREDIT FINANCIAL INSTABILITY CORPORATE BOND INTERNATIONAL BANK LENDING INTERNATIONAL DEBT MARKETS FINANCIAL SUPPORT LENDING CAPITAL FLOW MATURITIES MICRO DATA COMMODITY PRICES LIABILITIES BOND MARKET DEVELOPMENT INTERNATIONAL BANKS CAPITAL ACCOUNT ASSET PRICE FOREIGN BANK CURRENCY MISMATCHES GLOBAL FINANCIAL STABILITY DEFICIT CAPITAL MARKETS BASIS POINTS OIL PRICE NPL MICRODATA STOCK BOND MATURITIES INTERNATIONAL SETTLEMENT CURRENCY CRISES DUMMY VARIABLES ASSET PRICES SHARE OF CREDIT EMERGING ECONOMIES INTEREST RATE EXCHANGE BANKING SYSTEM ISSUANCES INTERNATIONAL FINANCIAL MARKETS LIQUIDITY EQUITY MARKET DEBTOR GOVERNMENT BORROWING REAL INTEREST CDS BONDS FINANCIAL STRESS DEBT OVERHANGS MACROECONOMIC CONDITIONS NON-PERFORMING LOANS BOND YIELDS RESERVE CENTRAL BANKS CREDITORS INFLATION INTERNATIONAL BANK CREDITOR DEVELOPING COUNTRY ENABLING ENVIRONMENT EMERGING MARKET ECONOMIES CREDIT DEFAULT FINANCIAL FRAGILITY BANK LENDING MATURITY LONG-TERM DEBT INTERNATIONAL FINANCE MORTGAGES GLOBAL ECONOMY SOURCE OF CREDIT POLICY RESPONSES FINANCIAL STUDIES PORTFOLIOS OPTIONS INTEREST RATES DOMESTIC BANKS DEFICITS BUSINESS CYCLE LENDERS INTERNATIONAL ECONOMICS LOANS RESERVES FINANCIAL SYSTEM BORROWING COST FINANCE FOREIGN CURRENCY MARKET PRICE EQUITY INVESTORS DEBT RATIO FEDERAL RESERVE BANK INTERNATIONAL BANKING FINANCIAL STABILITY PRIVATE SECTOR CREDIT BANKING CRISIS ACCESS TO CAPITAL FINANCIAL CRISIS CAPITAL RAISING DOMESTIC BANKING CORPORATE BOND ISSUANCE BOND MARKET WORKING CAPITAL CAPITAL FLOWS FOREIGN BANKS BALANCE SHEET DEFAULT LOAN QUALITY MARKET DEBT MARKETS CORPORATE DEBT BANK LOANS FINANCIAL DEVELOPMENT EQUITY MARKETS FINANCIAL MARKET INTERNATIONAL FINANCIAL MARKET INTERNATIONAL MARKET INVESTMENT BOND SHARE BALANCE SHEETS FINANCIAL MARKETS INDIVIDUAL BOND CAPITAL INFLOWS EXTERNAL DEBT CREDIT GROWTH SWAPS EXCHANGE RATE INSTRUMENT ASSETS RATIO BANKING CRISES INTERNATIONAL SETTLEMENTS NONPERFORMING LOANS DOMESTIC BOND MARKETS Ohnsorge, Franziska Yu, Shu Recent Credit Surge in Historical Context |
| relation |
Policy Research Working Paper;No. 7704 |
| description |
Benign financing conditions since the
global financial crisis and, more recently, rising financing
needs have fueled a rapid increase in credit to the
nonfinancial private sector, especially to the corporate
sector, in emerging markets and developing economies. Credit
growth has been most pronounced, and nearing the pace
associated with past credit booms, in commodity exporting
countries. In contrast, in commodity importers,
credit-to-gross domestic product ratios are elevated but
have been stable or shrinking over the past few years. That
said, in a few, mostly energy exporting, emerging and
developing countries, credit to the private sector is now
near levels that have been associated with past episodes of
financial stress. |
| format |
Working Paper |
| author |
Ohnsorge, Franziska Yu, Shu |
| author_facet |
Ohnsorge, Franziska Yu, Shu |
| author_sort |
Ohnsorge, Franziska |
| title |
Recent Credit Surge in Historical Context |
| title_short |
Recent Credit Surge in Historical Context |
| title_full |
Recent Credit Surge in Historical Context |
| title_fullStr |
Recent Credit Surge in Historical Context |
| title_full_unstemmed |
Recent Credit Surge in Historical Context |
| title_sort |
recent credit surge in historical context |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/06/26497916/recent-credit-surge-historical-context http://hdl.handle.net/10986/24620 |
| _version_ |
1764457203311312896 |
| spelling |
okr-10986-246202021-04-23T14:04:23Z Recent Credit Surge in Historical Context Ohnsorge, Franziska Yu, Shu DOMESTIC BOND CONTINGENT LIABILITIES MONETARY POLICY HOLDING BORROWER CREDIT DEFAULT SWAPS INTERNATIONAL CAPITAL REAL INTEREST RATES INTEREST EMERGING MARKET BOND PRIVATE CREDIT OPTION BOND SPREADS INTERNATIONAL SALES DEVELOPING COUNTRIES EXPORTERS PORTFOLIO MARKET SIZE FISCAL POLICY LIQUIDITY RISK CURRENCY MISMATCH LOAN BOND FINANCING DEBT OVERHANG MARKET ACCESS CURRENT ACCOUNT SURPLUSES DEBT BURDENS CASH FLOWS INSTRUMENTS BANK REGULATION OIL PRICES CURRENCY MARKET DEVELOPMENT DOMESTIC CURRENCY BANK LINKAGES MULTINATIONAL BANK RESERVE BANK INCOME GROWTH MULTINATIONAL BANKS FOREIGN CURRENCIES BOND ISSUANCE EXCHANGE RATES FOREIGN CURRENCY RISKS CORPORATE BOND MARKET MONETARY FUND EMERGING MARKET FINANCIAL INSTITUTIONS PRIVATE SECTOR DEBT DEBT MARKETS FINANCIAL CRISES INFLATION RATE SETTLEMENT INTERNATIONAL DEBT BORROWING COSTS DEBT SERVICE BANK CREDIT BANK FINANCING DOMESTIC BANK CURRENT ACCOUNT DEFICITS MARKET ECONOMIES BANKING SECTOR FISCAL DEFICIT EMERGING MARKETS CURRENCY RISKS FEDERAL RESERVE BOND MARKETS INTERNATIONAL FINANCIAL STATISTICS COUNTRY DEBT LIQUIDITY RATIOS ACCESS TO BOND MARKETS BANK BALANCE SHEETS DEBT SECURITIES ISSUANCE LIQUIDITY MANAGEMENT DEBTOR COUNTRIES LOCAL MARKETS SHARES LOCAL CURRENCY NON-PERFORMING LOAN SECURITIES PUBLIC DEBT BOND MATURITY TREASURY SOLVENCY PRIVATE DEBT CREDIT SPREADS BOND MARKET ACTIVITY CREDIT RISK FEDERAL RESERVE SYSTEM CURRENCIES GOVERNMENT DEBT MACROECONOMIC VOLATILITY DOMESTIC CREDIT FINANCIAL INSTABILITY CORPORATE BOND INTERNATIONAL BANK LENDING INTERNATIONAL DEBT MARKETS FINANCIAL SUPPORT LENDING CAPITAL FLOW MATURITIES MICRO DATA COMMODITY PRICES LIABILITIES BOND MARKET DEVELOPMENT INTERNATIONAL BANKS CAPITAL ACCOUNT ASSET PRICE FOREIGN BANK CURRENCY MISMATCHES GLOBAL FINANCIAL STABILITY DEFICIT CAPITAL MARKETS BASIS POINTS OIL PRICE NPL MICRODATA STOCK BOND MATURITIES INTERNATIONAL SETTLEMENT CURRENCY CRISES DUMMY VARIABLES ASSET PRICES SHARE OF CREDIT EMERGING ECONOMIES INTEREST RATE EXCHANGE BANKING SYSTEM ISSUANCES INTERNATIONAL FINANCIAL MARKETS LIQUIDITY EQUITY MARKET DEBTOR GOVERNMENT BORROWING REAL INTEREST CDS BONDS FINANCIAL STRESS DEBT OVERHANGS MACROECONOMIC CONDITIONS NON-PERFORMING LOANS BOND YIELDS RESERVE CENTRAL BANKS CREDITORS INFLATION INTERNATIONAL BANK CREDITOR DEVELOPING COUNTRY ENABLING ENVIRONMENT EMERGING MARKET ECONOMIES CREDIT DEFAULT FINANCIAL FRAGILITY BANK LENDING MATURITY LONG-TERM DEBT INTERNATIONAL FINANCE MORTGAGES GLOBAL ECONOMY SOURCE OF CREDIT POLICY RESPONSES FINANCIAL STUDIES PORTFOLIOS OPTIONS INTEREST RATES DOMESTIC BANKS DEFICITS BUSINESS CYCLE LENDERS INTERNATIONAL ECONOMICS LOANS RESERVES FINANCIAL SYSTEM BORROWING COST FINANCE FOREIGN CURRENCY MARKET PRICE EQUITY INVESTORS DEBT RATIO FEDERAL RESERVE BANK INTERNATIONAL BANKING FINANCIAL STABILITY PRIVATE SECTOR CREDIT BANKING CRISIS ACCESS TO CAPITAL FINANCIAL CRISIS CAPITAL RAISING DOMESTIC BANKING CORPORATE BOND ISSUANCE BOND MARKET WORKING CAPITAL CAPITAL FLOWS FOREIGN BANKS BALANCE SHEET DEFAULT LOAN QUALITY MARKET DEBT MARKETS CORPORATE DEBT BANK LOANS FINANCIAL DEVELOPMENT EQUITY MARKETS FINANCIAL MARKET INTERNATIONAL FINANCIAL MARKET INTERNATIONAL MARKET INVESTMENT BOND SHARE BALANCE SHEETS FINANCIAL MARKETS INDIVIDUAL BOND CAPITAL INFLOWS EXTERNAL DEBT CREDIT GROWTH SWAPS EXCHANGE RATE INSTRUMENT ASSETS RATIO BANKING CRISES INTERNATIONAL SETTLEMENTS NONPERFORMING LOANS DOMESTIC BOND MARKETS Benign financing conditions since the global financial crisis and, more recently, rising financing needs have fueled a rapid increase in credit to the nonfinancial private sector, especially to the corporate sector, in emerging markets and developing economies. Credit growth has been most pronounced, and nearing the pace associated with past credit booms, in commodity exporting countries. In contrast, in commodity importers, credit-to-gross domestic product ratios are elevated but have been stable or shrinking over the past few years. That said, in a few, mostly energy exporting, emerging and developing countries, credit to the private sector is now near levels that have been associated with past episodes of financial stress. 2016-07-06T22:54:22Z 2016-07-06T22:54:22Z 2016-06 Working Paper http://documents.worldbank.org/curated/en/2016/06/26497916/recent-credit-surge-historical-context http://hdl.handle.net/10986/24620 English en_US Policy Research Working Paper;No. 7704 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper |