Feyen, ErikKibuuka, KatieÖtker-Robe, İnci2012-06-292012-06-292012-06https://hdl.handle.net/10986/9317Just before the 2008-09 global financial crisis, policymakers were concerned about the rapid growth of bank credit, particularly in Europe; now worry centers on a potential global credit crunch led by European banking institutions. Overall, credit conditions across Europe deteriorated markedly in late 2011. Spillover effects are being felt around the globe and imply significant channels through which deleveraging could have disruptive consequences for credit conditions in emerging markets, particularly in emerging Europe. Significant liquidity support provided by the European Central Bank was a "game changer," at least in the short term, as it helped revive markets and limited the risk of disorderly deleveraging. However, the extent, speed, and impact of European bank deleveraging remain highly dependent on the evolution of economic growth and market conditions, which in turn are guided by the ultimate impact of European Central Bank liquidity support, resolution of the sovereign debt crisis within the Euro Area, and the ability of the European rescue fund to provide an effective firewall against contagion.CC BY 3.0 IGOACCESS TO CREDITACCESS TO FINANCEACCESS TO MARKETACCOUNTINGADVANCED ECONOMIESAFFILIATEAFFILIATESASSET MANAGEMENTASSET MANAGERSASSET SALESASSET VALUESASSET-LIABILITY MANAGEMENTBAILOUTBALANCE SHEETBALANCE SHEETSBANK ASSETSBANK BALANCE SHEETSBANK BEHAVIORBANK BRANCHESBANK CREDITBANK DEPOSITSBANK EQUITIESBANK EXPOSUREBANK FOR INTERNATIONAL SETTLEMENTSBANK LENDINGBANK LIQUIDITYBANK LOANSBANKING CRISESBANKING CRISISBANKING INSTITUTIONSBANKING SECTORSBANKING SYSTEMBANKING SYSTEMSBANKSBASIS POINTSBIASESBIDBOARDS OF DIRECTORSBOND ISSUANCEBOND MARKETBOND MARKETSBOND SPREADSBOND YIELDSBONDHOLDERSBORROWERBORROWINGBORROWING COSTSBUSINESS PLANNINGBUSINESS STRATEGIESCAPITAL ACCUMULATIONCAPITAL FLOWSCAPITAL GAINCAPITAL MARKETSCAPITAL REQUIREMENTCAPITAL REQUIREMENTSCAPITAL SHORTAGECAPITALIZATIONCDSCENTRAL BANKSCOLLATERALCOLLATERAL REQUIREMENTSCONSOLIDATIONCONVERTIBLE BONDSCREDIBILITYCREDIT CRUNCHCREDIT EXTENSIONCREDIT GROWTHCREDIT LINECREDIT NEEDSCREDIT RATINGCREDIT RATINGSCREDIT RISKSCREDITORCREDITORSCROSS-BORDER FLOWSDEBTDEBT CRISISDEBT HOLDINGSDEBT RESTRUCTURINGDEBTORDEPOSITDEPOSITSDEVELOPING COUNTRIESDISINTERMEDIATIONDISTRESSED BANKSECONOMIC ACTIVITYECONOMIC AGENTSECONOMIC GROWTHEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSEMPLOYMENTEQUITIESEQUITY CAPITALEQUITY RATIOEUROPEAN CENTRAL BANKEXTERNAL FINANCEFINANCIAL ASSISTANCEFINANCIAL CRISISFINANCIAL DIFFICULTIESFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL SECTOR REFORMSFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL SYSTEMSFOREIGN BANKSFUNDING SOURCESGLOBAL FINANCIAL STABILITYGLOBAL TRADEGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT SECURITIESHEDGE FUNDSHOLDINGHOLDINGSHOST COUNTRIESHOST COUNTRYHOST ECONOMIESHOUSEHOLDSINDEBTEDNESSINFLATIONINFORMATION SHARINGINFRASTRUCTURE FINANCEINSTRUMENTINSURANCEINTERBANK MARKETSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL FINANCIAL STATISTICSINVESTINGINVESTMENT BANKINVESTMENT BANKINGINVESTOR INTERESTISLAMIC BONDSLACK OF INFORMATIONLEGISLATIONLENDERLENDERSLENDING CONDITIONLENDING CONDITIONSLIABILITYLIABILITY MANAGEMENTLIMITED ACCESSLIQUIDITY POSITIONLOANLOAN COMMITMENTSLOAN DEMANDLOAN FACILITYLOAN PORTFOLIOLOAN PORTFOLIOSLOCAL CURRENCIESLOW INTEREST RATEMARKET CONDITIONSMARKET CONFIDENCEMARKET LENDINGMARKET PRICESMARKET SHAREMATURITIESMATURITYMFISMONETARY FUNDMONEY MARKETMORAL HAZARDMORTGAGESNEW BUSINESSNONBANK INSTITUTIONSNONPERFORMING LOANSOVERDRAFTSPAR VALUESPRIVATE BANKSPRIVATE CREDITPRIVATE EQUITYPRODUCTIVITYPROFITABILITYPROVISION OF CREDITREAL ESTATEREAL SECTORRECAPITALIZATIONRECESSIONREGIONAL CREDITREGULATORY APPROACHESREGULATORY AUTHORITIESRELIANCE ON BONDREPOSRESERVERESERVE REQUIREMENTSRESERVESRETAIL BANKINGRETAIL BANKSRETAINED EARNINGSRETURNRETURN ON EQUITYRISK AVERSIONRISK MANAGEMENTSALES OF ASSETSSAVINGSSAVINGS BANKSECONDARY MARKETSSELF- FINANCINGSMALL BANKSSOLVENCYSOURCES OF FUNDSSOVEREIGN BONDSOVEREIGN BOND MARKETSSOVEREIGN BONDSSOVEREIGN DEBTSOVEREIGN DEBT MARKETSSOVEREIGN RISKSSOVEREIGN YIELDSTART-UPSTATE SUPPORTSTOCK MARKETSTOCK MARKET INDEXESSUBSIDIARIESSUBSIDIARYSUPERVISORY AUTHORITIESSWAPSYSTEMIC RISKTIER 1 CAPITALTOTAL DEBTTRADE FINANCETRADE FINANCINGTRADINGTREATYUNIONUNIVERSAL BANKSVALUATIONWHOLESALE FUNDINGWITHDRAWALYIELD CURVESWorld Bank10.1596/1813-9450-6086