## Credit Market in Morocco: A Disequilibrium Approach

_IMF Working Papers, March 1, 2009_

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## Bibliographic details
- Authors: Nada Oulidi, Laurence Allain
- Published: March 1, 2009
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451872019.001

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### Research objective and framework
- Uses a disequilibrium framework common in the “credit crunch” literature.
- Two main questions:
  - 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.
  - The role of asset price increases in the recent acceleration of credit growth.

### Key findings
- 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.
  - The effect on credit demand was stronger than on credit supply.

### Thematic focus and variables analyzed
- 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.

### Data and scope notes
- 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.

*Credit Market in Morocco: A Disequilibrium Approach, Nada Oulidi and Laurence Allain, March 1, 2009.*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/credit-market-in-morocco-a-disequilibrium-approach-22779_