Credit Market in Morocco : A Disequilibrium Approach

Author/Editor:

Laurence Allain ; Nada Oulidi

Publication Date:

March 1, 2009

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

In this paper we use a disequilibrium framework common in the “credit crunch” literature, first to examine whether the slow credit growth in Morocco during the rapid expansion of liquidity in the first half of the decade can be attributed to credit rationing, and second to investigate the role of asset price increases in the recent acceleration of credit growth. Our results do not support the credit rationing hypothesis in the first half of the decade. They do however, show that the recent increase in real estate prices stimulated credit supply and demand, with a stronger effect on the latter.

Series:

Working Paper No. 09/53

Subject:

English

Publication Date:

March 1, 2009

ISBN/ISSN:

9781451872019/1018-5941

Stock No:

WPIEA2009053

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

20

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