declining due to high and rising saving rate of Chinese households as uncertainty over provision of pensions, and healthcare and … education costs have increased since the mid-1990s. This paper finds that the rise in saving rate has been a minor factor. Much …

and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit …

, sovereign spreads, and credit growth. This paper also shows that during this crisis, pre-crisis reserve holdings helped to …

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in … advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit …, while the U.S. credit cycle leads mainly over the long term. …

Rapid private sector credit growth in the Middle East, North Africa, and Central Asia has been a result of strong … economic growth, financial deepening, and banks’ willingness to explore consumer credit markets. Economic growth, the initial … ratio of private sector credit to GDP, price volatility, and nonoil exports are found to be significant explanatory …