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What Drives Credit Growth in Emerging Asia?

What Drives Credit Growth in Emerging Asia? by Fei Han
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This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block SVAR whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a recursive (block-) Cholesky structure. We find that domestic factors are more dominant than external factors in driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in terms of managing rapid credit growth in emerging Asia.
International Monetary Fund; February 2012
43 pages; ISBN 9781463943004
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Title: What Drives Credit Growth in Emerging Asia?
Author: Fei Han; Selim Elekdag
 
ISBNs
1463943008
9781463936440
9781463942991
9781463943004