Emerging markets benefited from solid balance sheets, says BIS paper


Pre-crisis balance sheet indicators of macroeconomic performance and the strength of the financial system help explain the resilience of real credit growth in emerging markets during the recent financial crisis, according to a Bank for International Settlements paper published on February 7.

Carlos Montoro and Liliana Rojas-Suarez, the paper's authors, examine the resilience of real credit growth to adverse external shocks in a large number of emerging markets during the 2008–09 global financial

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