Loose monetary policy stances seem to have contributed to the build-up of credit booms across both advanced and emerging economies, according to an International Monetary Fund paper published on Friday.

Selim Elekdag and Yiqun Wu, the paper's authors, use macroeconomic and bank-level data to identify the external drivers that influenced the 99 credit booms that took place between 1960 and 2010. The authors say episodes of rapid credit growth, especially credit booms, tend to end abruptly