Rapid credit growth has been one of the most pervasive developments in recent years in Central and Eastern Europe. The benefits of this growth are unquestioned, but so are the potential risks. While rapid credit growth is generally recognized as a potentially serious problem, there is deep uncertainty about how to tackle it. Assessing credit growth and developing appropriate policy responses continues to occupy the minds of policymakers in many of these countries and in the international organizations where this topic has been a major focus of attention for research and policymaking. This book puts together a number of revised and edited contributions that derive largely from presentations at an October 2005 conference organized jointly by the National Bank of Romania and the IMF. The objectives of that conference, and of bringing the papers together in this book, were to provide a channel for sharing experiences and counteractive measures, and to consider how best to take policy work forward. This book offers a useful contribution to the ongoing policy debate in countries experiencing a similar phenomenon.
PART I: Assessing and Managing Rapid Credit Growth in Central and Eastern Europe; C.Enoch
The Causes and Nature of Rapid Growth of Bank Credit in the Central, Eastern, and South Eastern European Countries; C.Arcalean, O.Calvo-Gonzalez, C.Móré, A.van Rixtel, A.Winkler & T.Zumer
Using Fundamentals to Identify Episodes of 'Excessive' Credit Growth in Central and Eastern Europe; F.Boissay, O.Calvo-Gonzalez & T.Kozluk
Fast Credit Expansion in Central and Eastern Europe: Catching Up, Sustainable Financial Deepening, or Bubble?; P.Backé, B.Égert & T.Zumer
Analysis of and Policy Responses to Rapid Credit Growth; P.Hilbers, I.Ötker-Robe & C.Pazarbasioglu
Rapid Credit Growth - The Role of Supervisors; M.Josefsson
PART II: Assessing and Managing Rapid Credit Growth - Country Experiences
Credit Growth Slow Down: The Experience of Bulgaria; V.Petkova & S.Manolov
Croatian Experience with Rapid Credit Growth; M.Lang
Estonia's Experience with Rapid Credit Growth; R.Lättemäe
Latvia's Experience with Rapid Credit Growth; U.Rutkaste
Assessment of Credit Growth in Lithuania; T.Ramanauskas
Poland's Experiences with Rapid Credit Growth - The 1996-1997 Episode; P.Szpunar
Growth of Non-Government Credit and Macroeconomic Developments: The Case of Romania; C.Popa
Slovakia: Credit Growth in the Household Sector and Response to the Related Risks; M.Licák
Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine; C.Duenwald, N.Gueorguiev & A.Schaechter
PART III: Regional Dimensions of Rapid Credit Growth and Perspectives from Euro Convergence Countries
The Role of Housing Markets and Foreign Owned Banks in the Credit Expansion in Central and Eastern Europe; D.Mihaljek
Regional Dimensions of Dealing with Rapid Credit Growth: Perspectives from Greece, 1998-2005; N.Kamberoglou & N.Stavrianou
Debt Growth: Factors, Institutional Issues and Implications - The Portuguese Case; N.Ribeiro
The Growth of Private Sector Debt in Spain: Causes and Consequences; C.Martinez-Carrascal
PART IV: Cross-Border Dimension: Supervisory Coordination Between Bank Supervisors
Cross-Border Supervisory Cooperation; K.Zartl
Home Country Perspective: The Role of Cross Border Supervisory Coordination when Dealing with Rapid Credit Growth in Emerging Countries - The Case for Cooperating Supervisors; L.van Goor
Home and Host Supervisors' Relations - A Host Supervisor's Perspective; P.Bednarski & D.Starnowski
PART V: Concluding Remarks
Lessons from Country Experiences with Rapid Credit Growth in Europe and Policy Implications; C.Enoch & I.Ötker-Robe
CHARLES ENOCH is Deputy Director of the Monetary and Capital Markets Department, International Monetary Fund (IMF), Washington D.C., USA. He led technical assistance and surveillance missions to major countries in Europe, Asia, and Africa, has published extensively in monetary and financial sector issues in IMF Working Papers and the IMF's Occasional Papers (monograph) series, and has edited several books, including Statistical Implications of Inflation Targeting, Building Strong Banks, and Financial Risks, Stability, and Globalization. He also held positions in the Bank of England (1976-87), and served as the IMF's UK Alternate Executive Director (1987-90).
INCI ÖTKER-ROBE is Deputy Chief of the Technical Assistance Wing, Europe, for the IMF. She has worked on various countries in Europe, Asia, and the Middle East, and conducted policy and technical assistance work in exchange rate regimes, capital controls, financial sector stability, credit growth, and inflation targeting, and has published in a number of journals, IMF Working Papers, and IMF Occasional Papers (monograph) series.
Description
Rapid credit growth has been one of the most pervasive developments in recent years in Central and Eastern Europe. The benefits of this growth are unquestioned, but so are the potential risks. While rapid credit growth is generally recognized as a potentially serious problem, there is deep uncertainty about how to tackle it. Assessing credit growth and developing appropriate policy responses continues to occupy the minds of policymakers in many of these countries and in the international organizations where this topic has been a major focus of attention for research and policymaking. This book puts together a number of revised and edited contributions that derive largely from presentations at an October 2005 conference organized jointly by the National Bank of Romania and the IMF. The objectives of that conference, and of bringing the papers together in this book, were to provide a channel for sharing experiences and counteractive measures, and to consider how best to take policy work forward. This book offers a useful contribution to the ongoing policy debate in countries experiencing a similar phenomenon.
Contents
PART I: Assessing and Managing Rapid Credit Growth in Central and Eastern Europe; C.Enoch
The Causes and Nature of Rapid Growth of Bank Credit in the Central, Eastern, and South Eastern European Countries; C.Arcalean, O.Calvo-Gonzalez, C.Móré, A.van Rixtel, A.Winkler & T.Zumer
Using Fundamentals to Identify Episodes of 'Excessive' Credit Growth in Central and Eastern Europe; F.Boissay, O.Calvo-Gonzalez & T.Kozluk
Fast Credit Expansion in Central and Eastern Europe: Catching Up, Sustainable Financial Deepening, or Bubble?; P.Backé, B.Égert & T.Zumer
Analysis of and Policy Responses to Rapid Credit Growth; P.Hilbers, I.Ötker-Robe & C.Pazarbasioglu
Rapid Credit Growth - The Role of Supervisors; M.Josefsson
PART II: Assessing and Managing Rapid Credit Growth - Country Experiences
Credit Growth Slow Down: The Experience of Bulgaria; V.Petkova & S.Manolov
Croatian Experience with Rapid Credit Growth; M.Lang
Estonia's Experience with Rapid Credit Growth; R.Lättemäe
Latvia's Experience with Rapid Credit Growth; U.Rutkaste
Assessment of Credit Growth in Lithuania; T.Ramanauskas
Poland's Experiences with Rapid Credit Growth - The 1996-1997 Episode; P.Szpunar
Growth of Non-Government Credit and Macroeconomic Developments: The Case of Romania; C.Popa
Slovakia: Credit Growth in the Household Sector and Response to the Related Risks; M.Licák
Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine; C.Duenwald, N.Gueorguiev & A.Schaechter
PART III: Regional Dimensions of Rapid Credit Growth and Perspectives from Euro Convergence Countries
The Role of Housing Markets and Foreign Owned Banks in the Credit Expansion in Central and Eastern Europe; D.Mihaljek
Regional Dimensions of Dealing with Rapid Credit Growth: Perspectives from Greece, 1998-2005; N.Kamberoglou & N.Stavrianou
Debt Growth: Factors, Institutional Issues and Implications - The Portuguese Case; N.Ribeiro
The Growth of Private Sector Debt in Spain: Causes and Consequences; C.Martinez-Carrascal
PART IV: Cross-Border Dimension: Supervisory Coordination Between Bank Supervisors
Cross-Border Supervisory Cooperation; K.Zartl
Home Country Perspective: The Role of Cross Border Supervisory Coordination when Dealing with Rapid Credit Growth in Emerging Countries - The Case for Cooperating Supervisors; L.van Goor
Home and Host Supervisors' Relations - A Host Supervisor's Perspective; P.Bednarski & D.Starnowski
PART V: Concluding Remarks
Lessons from Country Experiences with Rapid Credit Growth in Europe and Policy Implications; C.Enoch & I.Ötker-Robe
Authors
CHARLES ENOCH is Deputy Director of the Monetary and Capital Markets Department, International Monetary Fund (IMF), Washington D.C., USA. He led technical assistance and surveillance missions to major countries in Europe, Asia, and Africa, has published extensively in monetary and financial sector issues in IMF Working Papers and the IMF's Occasional Papers (monograph) series, and has edited several books, including Statistical Implications of Inflation Targeting, Building Strong Banks, and Financial Risks, Stability, and Globalization. He also held positions in the Bank of England (1976-87), and served as the IMF's UK Alternate Executive Director (1987-90).
INCI ÖTKER-ROBE is Deputy Chief of the Technical Assistance Wing, Europe, for the IMF. She has worked on various countries in Europe, Asia, and the Middle East, and conducted policy and technical assistance work in exchange rate regimes, capital controls, financial sector stability, credit growth, and inflation targeting, and has published in a number of journals, IMF Working Papers, and IMF Occasional Papers (monograph) series.
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