Creditless recoveries not uncommon: IMF paper
An IMF paper, published in March, says creditless recoveries, or economic growth without credit growth, while not the norm, are not rare and occur in roughly one in five recessions.
Abdul Abiad, Giovanni Dell'Ariccia and Li Bin, the paper's authors, analyse and compare the duration, shape and frequency of recoveries in 388 advanced OECD countries, emerging markets and low-income countries to examine how creditless recoveries differ from normal recoveries.
They find that creditless recoveries –
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