{
  "title": "Credit Market in Morocco: A Disequilibrium Approach",
  "publication": "IMF Working Papers, March 1, 2009",
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  "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 as",
  "sections": [
    {
      "heading": "Research objective and framework",
      "content": "- Uses a disequilibrium framework common in the “credit crunch” literature.\n- Two main questions:\n  - 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.\n  - The role of asset price increases in the recent acceleration of credit growth."
    },
    {
      "heading": "Key findings",
      "content": "- The results do not support the credit rationing hypothesis in the first half of the decade.\n- The recent increase in real estate prices stimulated both credit supply and credit demand.\n  - The effect on credit demand was stronger than on credit supply."
    },
    {
      "heading": "Thematic focus and variables analyzed",
      "content": "- Asset prices, including real estate prices and stock market price/index.\n- Bank credit and credit growth, including credit supply and credit demand.\n- Related financial variables: real interest rates, Treasury bill rate, bank equity price, equity capital, lending capacity, noncollateralized bank lending, risk management practice, price variable/proxy asset price."
    },
    {
      "heading": "Data and scope notes",
      "content": "- Analysis pertains to credit dynamics in Morocco over the referenced period described as “the first half of the decade” and a subsequent period of recent acceleration in credit growth associated with rising asset prices.\n\nCredit Market in Morocco: A Disequilibrium Approach, Nada Oulidi and Laurence Allain, March 1, 2009.\n\n---\n\n Content in this bundle\n\n- wp0953\n  - wp0953 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0953 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/credit-market-in-morocco-a-disequilibrium-approach-22779"
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    "Authors: Nada Oulidi, Laurence Allain",
    "Published: March 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451872019.001",
    "Uses a disequilibrium framework common in the “credit crunch” literature.",
    "Two main questions:",
    "The results do not support the credit rationing hypothesis in the first half of the decade.",
    "The recent increase in real estate prices stimulated both credit supply and credit demand.",
    "Asset prices, including real estate prices and stock market price/index.",
    "Bank credit and credit growth, including credit supply and credit demand.",
    "Related financial variables: real interest rates, Treasury bill rate, bank equity price, equity capital, lending capacity, noncollateralized bank lending, risk management practice, price variable/proxy asset price.",
    "Analysis pertains to credit dynamics in Morocco over the referenced period described as “the first half of the decade” and a subsequent period of recent acceleration in credit growth associated with rising asset prices.",
    "**_wp0953**"
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