Who is to blame for the credit crunch: foreign ownership or foreign funding?

Erik Feyen, Raquel Letelier, Inessa Love, Samuel Munzele Maimbo, Roberto Rocha, 15 March 2014



From boom to crunch

Although most developing countries around the world experienced a severe contraction of bank credit during the recent global financial crisis, the Eastern Europe and Central Asia (ECA) region was disproportionately hit after it had experienced very high credit growth (Figure 1).

Figure 1. Banking system trends in ECA

Topics: Financial markets, Global crisis, International finance
Tags: banking, Central Asia, Credit crunch, credit growth, cross-border banking, Eastern Europe, global financial crisis

Real-estate valuation, current-account and credit growth patterns, before and after the 2008-09 Crisis

Joshua Aizenman, Yothin Jinjarak, 2 July 2013



The Global Crisis sparked a vibrant debate about what factors contributed to the Crisis. One question remains central to the debate:

Topics: Global crisis
Tags: credit growth, housing, real estate

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