Credit Growth in the Middle East, North Africa, and Central Asia Region

Author/Editor:

Joe Crowley

Publication Date:

July 1, 2008

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:

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.

Series:

Working Paper No. 08/184

Subject:

English

Publication Date:

July 1, 2008

ISBN/ISSN:

9781451870428/1018-5941

Stock No:

WPIEA2008184

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

60

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