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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Bibliographic Details
Main Authors:	Ohnsorge, Franziska, Yu, Shu
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2016/06/26497916/recent-credit-surge-historical-context http://hdl.handle.net/10986/24620