Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/173709
Authors: 
Jovanovic, Branimir
Hani, Egzona
Georgievska, Ljupka
Year of Publication: 
2014
Series/Report no.: 
Working Paper No. [2014-01]
Abstract: 
What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental growth is defined as the growth justified by the fundamentals, the equilibrium growth - as the growth consistent with the economy being in medium-term equilibrium. Results suggest that the slowdown reflects both return of the credit activity to its fundamental value, and return of the fundamental values to their equilibrium levels, after years of excessiveness during the pre-crisis period. Rapid credit growth, as in the pre-crisis period, should not be expected in the near future.
Subjects: 
credit growth
equilibrium credit
fundamental credit
South-East Europe
JEL: 
E44
E51
G21
Document Type: 
Working Paper

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