BIS working paper focuses on Asian credit booms
A working paper published by the Bank for International Settlements (BIS) on April 12, finds high levels of international credit enables domestic credit booms in emerging markets.
Authors Stefan Avdjiev, Robert McCauley and Patrick McGuire focus their research on Asia. They say the higher the level of international credit in a developing economy pre-crisis, the greater the level of contraction will be post crisis.
The working paper finds international credit in Asia at present is small relative
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