Yu, ShuOhnsorge, Franziska2016-07-062016-07-062016-06https://hdl.handle.net/10986/24620Benign financing conditions since the global financial crisis and, more recently, rising financing needs have fueled a rapid increase in credit to the nonfinancial private sector, especially to the corporate sector, in emerging markets and developing economies. Credit growth has been most pronounced, and nearing the pace associated with past credit booms, in commodity exporting countries. In contrast, in commodity importers, credit-to-gross domestic product ratios are elevated but have been stable or shrinking over the past few years. That said, in a few, mostly energy exporting, emerging and developing countries, credit to the private sector is now near levels that have been associated with past episodes of financial stress.en-USCC BY 3.0 IGODOMESTIC BONDCONTINGENT LIABILITIESMONETARY POLICYHOLDINGBORROWERCREDIT DEFAULT SWAPSINTERNATIONAL CAPITALREAL INTEREST RATESINTERESTEMERGING MARKET BONDPRIVATE CREDITOPTIONBOND SPREADSINTERNATIONAL SALESDEVELOPING COUNTRIESEXPORTERSPORTFOLIOMARKET SIZEFISCAL POLICYLIQUIDITY RISKCURRENCY MISMATCHLOANBOND FINANCINGDEBT OVERHANGMARKET ACCESSCURRENT ACCOUNT SURPLUSESDEBT BURDENSCASH FLOWSINSTRUMENTSBANK REGULATIONOIL PRICESCURRENCYMARKET DEVELOPMENTDOMESTIC CURRENCYBANK LINKAGESMULTINATIONAL BANKRESERVE BANKINCOME GROWTHMULTINATIONAL BANKSFOREIGN CURRENCIESBOND ISSUANCEEXCHANGE RATESFOREIGN CURRENCY RISKSCORPORATE BOND MARKETMONETARY FUNDEMERGING MARKETFINANCIAL INSTITUTIONSPRIVATE SECTOR DEBTDEBTMARKETSFINANCIAL CRISESINFLATION RATESETTLEMENTINTERNATIONAL DEBTBORROWING COSTSDEBT SERVICEBANK CREDITBANK FINANCINGDOMESTIC BANKCURRENT ACCOUNT DEFICITSMARKET ECONOMIESBANKING SECTORFISCAL DEFICITEMERGING MARKETSCURRENCY RISKSFEDERAL RESERVEBOND MARKETSINTERNATIONAL FINANCIAL STATISTICSCOUNTRY DEBTLIQUIDITY RATIOSACCESS TO BOND MARKETSBANK BALANCE SHEETSDEBT SECURITIESISSUANCELIQUIDITY MANAGEMENTDEBTOR COUNTRIESLOCAL MARKETSSHARESLOCAL CURRENCYNON-PERFORMING LOANSECURITIESPUBLIC DEBTBOND MATURITYTREASURYSOLVENCYPRIVATE DEBTCREDIT SPREADSBOND MARKET ACTIVITYCREDIT RISKFEDERAL RESERVE SYSTEMCURRENCIESGOVERNMENT DEBTMACROECONOMIC VOLATILITYDOMESTIC CREDITFINANCIAL INSTABILITYCORPORATE BONDINTERNATIONAL BANK LENDINGINTERNATIONAL DEBT MARKETSFINANCIAL SUPPORTLENDINGCAPITAL FLOWMATURITIESMICRO DATACOMMODITY PRICESLIABILITIESBOND MARKET DEVELOPMENTINTERNATIONAL BANKSCAPITAL ACCOUNTASSET PRICEFOREIGN BANKCURRENCY MISMATCHESGLOBAL FINANCIAL STABILITYDEFICITCAPITAL MARKETSBASIS POINTSOIL PRICENPLMICRODATASTOCKBOND MATURITIESINTERNATIONAL SETTLEMENTCURRENCY CRISESDUMMY VARIABLESASSET PRICESSHARE OF CREDITEMERGING ECONOMIESINTEREST RATEEXCHANGEBANKING SYSTEMISSUANCESINTERNATIONAL FINANCIAL MARKETSLIQUIDITYEQUITY MARKETDEBTORGOVERNMENT BORROWINGREAL INTERESTCDSBONDSFINANCIAL STRESSDEBT OVERHANGSMACROECONOMIC CONDITIONSNON-PERFORMING LOANSBOND YIELDSRESERVECENTRAL BANKSCREDITORSINFLATIONINTERNATIONAL BANKCREDITORDEVELOPING COUNTRYENABLING ENVIRONMENTEMERGING MARKET ECONOMIESCREDIT DEFAULTFINANCIAL FRAGILITYBANK LENDINGMATURITYLONG-TERM DEBTINTERNATIONAL FINANCEMORTGAGESGLOBAL ECONOMYSOURCE OF CREDITPOLICY RESPONSESFINANCIAL STUDIESPORTFOLIOSOPTIONSINTEREST RATESDOMESTIC BANKSDEFICITSBUSINESS CYCLELENDERSINTERNATIONAL ECONOMICSLOANSRESERVESFINANCIAL SYSTEMBORROWING COSTFINANCEFOREIGN CURRENCYMARKET PRICEEQUITYINVESTORSDEBT RATIOFEDERAL RESERVE BANKINTERNATIONAL BANKINGFINANCIAL STABILITYPRIVATE SECTOR CREDITBANKING CRISISACCESS TO CAPITALFINANCIAL CRISISCAPITAL RAISINGDOMESTIC BANKINGCORPORATE BOND ISSUANCEBOND MARKETWORKING CAPITALCAPITAL FLOWSFOREIGN BANKSBALANCE SHEETDEFAULTLOAN QUALITYMARKETDEBT MARKETSCORPORATE DEBTBANK LOANSFINANCIAL DEVELOPMENTEQUITY MARKETSFINANCIAL MARKETINTERNATIONAL FINANCIAL MARKETINTERNATIONAL MARKETINVESTMENTBONDSHAREBALANCE SHEETSFINANCIAL MARKETSINDIVIDUAL BONDCAPITAL INFLOWSEXTERNAL DEBTCREDIT GROWTHSWAPSEXCHANGE RATEINSTRUMENTASSETS RATIOBANKING CRISESINTERNATIONAL SETTLEMENTSNONPERFORMING LOANSDOMESTIC BOND MARKETSWorking PaperWorld Bank10.1596/1813-9450-7704