Credit and resource allocation in EMEs: taking stock of two decades of falling interest rates

Credit and resource allocation in EMEs: taking stock of two decades of falling interest rates

From bis.org

The end of “low for long” – the extended period of low global interest rates – has shone a spotlight on the macroeconomic implications of the significant rise in private non-financial debt-to-GDP ratios as well as the larger share of credit allocated to the housing sector since the early 2000s. This Bulletin highlights three growth implications of these developments for EMEs, consistent with previous research. First, there is evidence that private sector credit has a diminishing effect on growth once it reaches a high level. While most EMEs are still in the region where further expansion of private credit ... (full story)

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