This book represents the latest developments and policy debate on a very current issue: the rapid growth of banking sector credit to the private sector, which continues to occupy the minds of academics and policymakers alike in many Central and Eastern European (CEE) countries. The contributions, from the representatives of international organizations and monetary and supervisory authorities of a number of Western and CEE countries, discuss ways to assess and respond to excessive credit growth. Case studies represent the challenges faced by policymakers in dealing with rapid credit growth, providing useful lessons for other countries experiencing a similar phenomenon.
PART I: Assessing and Managing Rapid Credit Growth in Central and Eastern Europe; C.Enoch
The Causes and Nature of Rapid Growth of Bank Credit in the Central, Eastern, and South Eastern European Countries; C.Arcalean, O.Calvo-Gonzalez, C.Móré, A.van Rixtel, A.Winkler & T.Zumer
Using Fundamentals to Identify Episodes of 'Excessive' Credit Growth in Central and Eastern Europe; F.Boissay, O.Calvo-Gonzalez & T.Kozluk
Fast Credit Expansion in Central and Eastern Europe: Catching Up, Sustainable Financial Deepening, or Bubble?; P.Backé, B.Égert & T.Zumer
Analysis of and Policy Responses to Rapid Credit Growth; P.Hilbers, I.Ötker-Robe & C.Pazarbasioglu
Rapid Credit Growth - The Role of Supervisors; M.Josefsson
PART II: Assessing and Managing Rapid Credit Growth - Country Experiences
Credit Growth Slow Down: The Experience of Bulgaria; V.Petkova & S.Manolov
Croatian Experience with Rapid Credit Growth; M.Lang
Estonia's Experience with Rapid Credit Growth; R.Lättemäe
Latvia's Experience with Rapid Credit Growth; U.Rutkaste
Assessment of Credit Growth in Lithuania; T.Ramanauskas
Poland's Experiences with Rapid Credit Growth - The 1996-1997 Episode; P.Szpunar
Growth of Non-Government Credit and Macroeconomic Developments: The Case of Romania; C.Popa
Slovakia: Credit Growth in the Household Sector and Response to the Related Risks; M.Licák
Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine; C.Duenwald, N.Gueorguiev & A.Schaechter
PART III: Regional Dimensions of Rapid Credit Growth and Perspectives from Euro Convergence Countries
The Role of Housing Markets and Foreign Owned Banks in the Credit Expansion in Central and Eastern Europe; D.Mihaljek
Regional Dimensions of Dealing with Rapid Credit Growth: Perspectives from Greece, 1998-2005; N.Kamberoglou & N.Stavrianou
Debt Growth: Factors, Institutional Issues and Implications - The Portuguese Case; N.Ribeiro
The Growth of Private Sector Debt in Spain: Causes and Consequences; C.Martinez-Carrascal
PART IV: Cross-Border Dimension: Supervisory Coordination Between Bank Supervisors
Cross-Border Supervisory Cooperation; K.Zartl
Home Country Perspective: The Role of Cross Border Supervisory Coordination when Dealing with Rapid Credit Growth in Emerging Countries - The Case for Cooperating Supervisors; L.van Goor
Home and Host Supervisors' Relations - A Host Supervisor's Perspective; P.Bednarski & D.Starnowski
PART V: Concluding Remarks
Lessons from Country Experiences with Rapid Credit Growth in Europe and Policy Implications; C.Enoch & I.Ötker-Robe
