Too Much of a Good Thing? Credit Booms in Transition Economies [electronic resource] : The Cases of Bulgaria, Romania, and Ukraine / Christoph Duenwald.
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TextSeries: IMF Working Papers; Working Paper ; No. 05/128Publication details: Washington, D.C. : International Monetary Fund, 2005Description: 1 online resource (33 p.)ISBN: 1451861478 :ISSN: 1018-5941Subject(s): Banking Crises | Banking Sector | Banking | Capital Adequacy | Credit Boom | Financial Deepening | Bulgaria | RomaniaAdditional physical formats: Print Version:: Too Much of a Good Thing? Credit Booms in Transition Economies : The Cases of Bulgaria, Romania, and UkraineOnline resources: IMF e-Library | IMF Book Store Abstract: Rapid credit growth in Bulgaria, Romania, and Ukraine has been driven by successful macroeconomic stabilization, robust growth, and capital inflows. While financial deepening is both expected and welcome, the recent expansions appear to have been excessive, as evidenced by widening current account deficits in Bulgaria and Romania, and prudential concerns in Ukraine. Policy responses have included attempts to both moderate credit growth and offset its impact on domestic demand, with mixed success thus far.
Rapid credit growth in Bulgaria, Romania, and Ukraine has been driven by successful macroeconomic stabilization, robust growth, and capital inflows. While financial deepening is both expected and welcome, the recent expansions appear to have been excessive, as evidenced by widening current account deficits in Bulgaria and Romania, and prudential concerns in Ukraine. Policy responses have included attempts to both moderate credit growth and offset its impact on domestic demand, with mixed success thus far.
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