Credit Growth in Emerging Europe : A Cause for Stability Concerns?

High credit growth in Emerging Europe, generally considered a sign of catching-up with the "old" Europe, has begun receiving considerable attention among investors and policymakers alike. Given heightened global risks and the demands unde...

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Main Authors:	Sirtaine, Sophie, Skamnelos, Ilias
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AGGREGATE DEMAND ASSET PRICE BUBBLES ASSET PRICES AUDITING BALANCE SHEETS BANK ASSETS BANK CAPITAL BANK LENDING BANK LOANS BANK RISK BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKRUPTCY BANKRUPTCY PROCEDURES BENCHMARKS BORROWING BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAR CENTRAL BANKS COMPETITIVENESS CONTAGION CONTRACT ENFORCEMENT CORPORATE SECTOR CREDIT BOOM CREDIT BOOMS CREDIT ORIGINATION CREDIT PRACTICES CREDIT RISK CURRENCY APPRECIATION DEBT DEFICITS DEVALUATION DISINFLATION DISPOSABLE INCOME EARLY WARNING SYSTEMS ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMICS EMU EXCHANGE RATES EXPORTS FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEEPENING FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL DEFICITS FISCAL POLICIES FORECASTS FOREIGN BANKS FOREIGN CURRENCY FOREIGN ENTRY FOREIGN EXCHANGE GDP PER CAPITA GOVERNMENT POLICIES GROWTH RATE GUIDELINES HOUSING INEFFICIENCY INFLATION INSOLVENCY INTEREST RATES INTERNATIONAL RESERVES LABOR COSTS LABOR MARKETS LIQUIDITY LOAN CLASSIFICATION MACROECONOMIC CONDITIONS MIGRATION MONEY SUPPLY MORAL HAZARD MORTGAGE LOANS MORTGAGES OVERVALUATION PORTFOLIO PORTFOLIOS PRICE INFLATION PRIVATIZATION PROBABILITY OF DEFAULT PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURES REAL ESTATE LOANS REAL GDP REAL INCOME REAL INTEREST RATE RESERVE RATIOS RISK FACTORS RISK MANAGEMENT ROE SAVINGS STATEMENTS STOCK MARKETS SUPERVISORY AGENCIES TRADING UNEMPLOYMENT VOLATILITY VULNERABILITY WAGE INFLATION WEALTH WESTERN EUROPE
Online Access:	http://documents.worldbank.org/curated/en/2007/07/7959264/credit-growth-emerging-europe-cause-stability-concerns http://hdl.handle.net/10986/7472

id	okr-10986-7472
recordtype	oai_dc
spelling	okr-10986-74722021-04-23T14:02:33Z Credit Growth in Emerging Europe : A Cause for Stability Concerns? Sirtaine, Sophie Skamnelos, Ilias ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AGGREGATE DEMAND ASSET PRICE BUBBLES ASSET PRICES AUDITING BALANCE SHEETS BANK ASSETS BANK CAPITAL BANK LENDING BANK LOANS BANK RISK BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKRUPTCY BANKRUPTCY PROCEDURES BENCHMARKS BORROWING BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAR CENTRAL BANKS COMPETITIVENESS CONTAGION CONTRACT ENFORCEMENT CORPORATE SECTOR CREDIT BOOM CREDIT BOOMS CREDIT ORIGINATION CREDIT PRACTICES CREDIT RISK CURRENCY APPRECIATION DEBT DEFICITS DEVALUATION DISINFLATION DISPOSABLE INCOME EARLY WARNING SYSTEMS ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMICS EMU EXCHANGE RATES EXPORTS FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEEPENING FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL DEFICITS FISCAL POLICIES FORECASTS FOREIGN BANKS FOREIGN CURRENCY FOREIGN ENTRY FOREIGN EXCHANGE GDP PER CAPITA GOVERNMENT POLICIES GROWTH RATE GUIDELINES HOUSING INEFFICIENCY INFLATION INSOLVENCY INTEREST RATES INTERNATIONAL RESERVES LABOR COSTS LABOR MARKETS LIQUIDITY LOAN CLASSIFICATION MACROECONOMIC CONDITIONS MIGRATION MONEY SUPPLY MORAL HAZARD MORTGAGE LOANS MORTGAGES OVERVALUATION PORTFOLIO PORTFOLIOS PRICE INFLATION PRIVATIZATION PROBABILITY OF DEFAULT PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURES REAL ESTATE LOANS REAL GDP REAL INCOME REAL INTEREST RATE RESERVE RATIOS RISK FACTORS RISK MANAGEMENT ROE SAVINGS STATEMENTS STOCK MARKETS SUPERVISORY AGENCIES TRADING UNEMPLOYMENT VOLATILITY VULNERABILITY WAGE INFLATION WEALTH WESTERN EUROPE High credit growth in Emerging Europe, generally considered a sign of catching-up with the "old" Europe, has begun receiving considerable attention among investors and policymakers alike. Given heightened global risks and the demands under the European Union accession process, the need to better understand this high credit growth's drivers, riskiness, and the possible macroeconomic and financial stability consequences is strong. The authors adopt a holistic approach in reviewing the rapid credit growth experienced in the region, examining macroeconomic, financial sector, corporate sector, and asset market consequences and possible vulnerabilities. They consider three possible scenarios-a catching-up with older European countries, a soft landing as experienced by Portugal in the early 2000s, and a hard landing as experienced by Asia in 1997. 2012-06-07T20:57:51Z 2012-06-07T20:57:51Z 2007-07 http://documents.worldbank.org/curated/en/2007/07/7959264/credit-growth-emerging-europe-cause-stability-concerns http://hdl.handle.net/10986/7472 English Policy Research Working Paper; No. 4281 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AGGREGATE DEMAND ASSET PRICE BUBBLES ASSET PRICES AUDITING BALANCE SHEETS BANK ASSETS BANK CAPITAL BANK LENDING BANK LOANS BANK RISK BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKRUPTCY BANKRUPTCY PROCEDURES BENCHMARKS BORROWING BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAR CENTRAL BANKS COMPETITIVENESS CONTAGION CONTRACT ENFORCEMENT CORPORATE SECTOR CREDIT BOOM CREDIT BOOMS CREDIT ORIGINATION CREDIT PRACTICES CREDIT RISK CURRENCY APPRECIATION DEBT DEFICITS DEVALUATION DISINFLATION DISPOSABLE INCOME EARLY WARNING SYSTEMS ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMICS EMU EXCHANGE RATES EXPORTS FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEEPENING FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL DEFICITS FISCAL POLICIES FORECASTS FOREIGN BANKS FOREIGN CURRENCY FOREIGN ENTRY FOREIGN EXCHANGE GDP PER CAPITA GOVERNMENT POLICIES GROWTH RATE GUIDELINES HOUSING INEFFICIENCY INFLATION INSOLVENCY INTEREST RATES INTERNATIONAL RESERVES LABOR COSTS LABOR MARKETS LIQUIDITY LOAN CLASSIFICATION MACROECONOMIC CONDITIONS MIGRATION MONEY SUPPLY MORAL HAZARD MORTGAGE LOANS MORTGAGES OVERVALUATION PORTFOLIO PORTFOLIOS PRICE INFLATION PRIVATIZATION PROBABILITY OF DEFAULT PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURES REAL ESTATE LOANS REAL GDP REAL INCOME REAL INTEREST RATE RESERVE RATIOS RISK FACTORS RISK MANAGEMENT ROE SAVINGS STATEMENTS STOCK MARKETS SUPERVISORY AGENCIES TRADING UNEMPLOYMENT VOLATILITY VULNERABILITY WAGE INFLATION WEALTH WESTERN EUROPE
spellingShingle	ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AGGREGATE DEMAND ASSET PRICE BUBBLES ASSET PRICES AUDITING BALANCE SHEETS BANK ASSETS BANK CAPITAL BANK LENDING BANK LOANS BANK RISK BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKRUPTCY BANKRUPTCY PROCEDURES BENCHMARKS BORROWING BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAR CENTRAL BANKS COMPETITIVENESS CONTAGION CONTRACT ENFORCEMENT CORPORATE SECTOR CREDIT BOOM CREDIT BOOMS CREDIT ORIGINATION CREDIT PRACTICES CREDIT RISK CURRENCY APPRECIATION DEBT DEFICITS DEVALUATION DISINFLATION DISPOSABLE INCOME EARLY WARNING SYSTEMS ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMICS EMU EXCHANGE RATES EXPORTS FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEEPENING FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL DEFICITS FISCAL POLICIES FORECASTS FOREIGN BANKS FOREIGN CURRENCY FOREIGN ENTRY FOREIGN EXCHANGE GDP PER CAPITA GOVERNMENT POLICIES GROWTH RATE GUIDELINES HOUSING INEFFICIENCY INFLATION INSOLVENCY INTEREST RATES INTERNATIONAL RESERVES LABOR COSTS LABOR MARKETS LIQUIDITY LOAN CLASSIFICATION MACROECONOMIC CONDITIONS MIGRATION MONEY SUPPLY MORAL HAZARD MORTGAGE LOANS MORTGAGES OVERVALUATION PORTFOLIO PORTFOLIOS PRICE INFLATION PRIVATIZATION PROBABILITY OF DEFAULT PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURES REAL ESTATE LOANS REAL GDP REAL INCOME REAL INTEREST RATE RESERVE RATIOS RISK FACTORS RISK MANAGEMENT ROE SAVINGS STATEMENTS STOCK MARKETS SUPERVISORY AGENCIES TRADING UNEMPLOYMENT VOLATILITY VULNERABILITY WAGE INFLATION WEALTH WESTERN EUROPE Sirtaine, Sophie Skamnelos, Ilias Credit Growth in Emerging Europe : A Cause for Stability Concerns?
geographic_facet	Europe and Central Asia
relation	Policy Research Working Paper; No. 4281
description	High credit growth in Emerging Europe, generally considered a sign of catching-up with the "old" Europe, has begun receiving considerable attention among investors and policymakers alike. Given heightened global risks and the demands under the European Union accession process, the need to better understand this high credit growth's drivers, riskiness, and the possible macroeconomic and financial stability consequences is strong. The authors adopt a holistic approach in reviewing the rapid credit growth experienced in the region, examining macroeconomic, financial sector, corporate sector, and asset market consequences and possible vulnerabilities. They consider three possible scenarios-a catching-up with older European countries, a soft landing as experienced by Portugal in the early 2000s, and a hard landing as experienced by Asia in 1997.
format	Publications & Research :: Policy Research Working Paper
author	Sirtaine, Sophie Skamnelos, Ilias
author_facet	Sirtaine, Sophie Skamnelos, Ilias
author_sort	Sirtaine, Sophie
title	Credit Growth in Emerging Europe : A Cause for Stability Concerns?
title_short	Credit Growth in Emerging Europe : A Cause for Stability Concerns?
title_full	Credit Growth in Emerging Europe : A Cause for Stability Concerns?
title_fullStr	Credit Growth in Emerging Europe : A Cause for Stability Concerns?
title_full_unstemmed	Credit Growth in Emerging Europe : A Cause for Stability Concerns?
title_sort	credit growth in emerging europe : a cause for stability concerns?
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2007/07/7959264/credit-growth-emerging-europe-cause-stability-concerns http://hdl.handle.net/10986/7472
_version_	1764402110098571264

Credit Growth in Emerging Europe : A Cause for Stability Concerns?

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