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- W957709724 abstract "This paper analyzes the factors behind the fluctuations in bank credit to the private sector observed in Latin America during the 1990s. It first discusses salient stylized facts, which include wide oscillations in credit growth around a relatively low level of credit depth, a significant synchronization in credit fluctuations across Latin countries (suggesting the relevance of common, regional factors), and a weakening of the co-movement between lending capacity and credit, especially after 1998. The paper then quantifies the importance of various credit supply and demand determinants, applying a pooled-mean group estimation technique to quarterly panel data (covering the 1991-2001 period for ten Latin American countries). It finds that lending capacity and economic activity have been the main drivers of credit growth in the longer run, but that that the adjustment to the long-run equilibrium has been slow. Regarding the shorter run, important factors are found to have been crowding out by the government; macroeconomic uncertainty; changes in lending interest rates; and, especially during downturns, unwillingness to lend among banks and pressures on firms to de-lever. The paper presents evidence of a rising presence, particularly after 1998, of the phenomenon of liquid banks that do not lend reflecting a slower adjustment in lending capacity during downturns, compared to the degree of deterioration in other credit determinants. Finally, the paper discusses policy implications." @default.
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- W957709724 date "2003-09-01" @default.
- W957709724 modified "2023-09-27" @default.
- W957709724 title "Behind Bank credit fluctuations in Latin America during the 1990s : old and new suspects" @default.
- W957709724 hasPublicationYear "2003" @default.
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