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Credit Growth in the Middle East, North Africa, and Central Asia Region
Author:
Mr. Joe Crowley
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Series:
IMF Working Papers
Volume/Issue:
Volume 2008: Issue 184
Language:
English
Publication Date:
01 Jul 2008
DOI:
https://doi.org/10.5089/9781451870428.001
ISBN:
9781451870428
ISSN:
1018-5941
Pages:
60
Keywords:
WP; credit growth; private sector credit; credit to GDP; growth regression
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Rapid private sector credit growth in the Middle East, North Africa, and Central Asia has been a result of strong economic growth, financial deepening, and banks’ willingness to explore consumer credit markets. Economic growth, the initial ratio of private sector credit to GDP, price volatility, and nonoil exports are found to be significant explanatory variables, while oil exports and spillovers from oil exporting neighbors were not found to have any significance. The credit growth has financed consumer spending and home ownership rather than investment.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund