Anatomy of credit-less recoveries / Luisa Corrado, Isolina Rossi
Mitwirkende(r): Resource type: Ressourcentyp: Buch (Online)Buch (Online)Sprache: Englisch Reihen: World Bank E-Library Archive | Policy research working paper ; 8465Verlag: Washington, D.C. : World Bank Group, Macroeconomics, Trade and Investment Global Practice, June 2018Beschreibung: 1 Online-Ressource (circa 39 Seiten) : IllustrationenSchlagwörter: Genre/Form: Andere physische Formen: Erscheint auch als: Anatomy of Credit-Less Recoveries. Druck-Ausgabe Washington, D.C : The World Bank, 2018DOI: DOI: 10.1596/1813-9450-8465Online-Ressourcen: Zusammenfassung: The recovery from the global crisis that erupted in 2007 shows that the decoupling between real and financial variables during the business cycle can lead to negative and long-lasting consequences for the economy. A key feature of the past global crisis in many countries is that the recovery in aggregate output has not been accompanied by a contemporary pick-up in lending flows to the private sector, rendering the recovery credit-less. This paper uses data on output and credit to study the relative roles of demand and supply drivers of credit growth during economic recoveries on a sample of advanced and emerging countries between 1980 and 2014. Using a simple endowment economy model, the paper shows that credit-less recoveries are correlated with liquidity shocks in real and financial markets and with the pace of private sector deleveraging. The empirical analysis shows that during these episodes demand-side frictions played a relatively larger role in predicting the occurrence of the episodes, reflecting weak demand for liquidity by the private sector in the aftermath of the crisisPPN: PPN: 1027337848Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBODieser Titel hat keine Exemplare
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