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Title Credit growth and economic recovery in Europe after the Global Financial Crisis / prepared by Sergei Antoshin and others
Published [Washington, D.C.] : International Monetary Fund, [2017]
©2017

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Description 1 online resource (54 pages)
Series IMF Working Paper ; WP/17/256
IMF working paper ; WP/17/256.
Contents Cover; TABLE OF CONTENTS; Abstract; I. Introduction; II. Post-GFC Economic Developments in Europe: Different from Past Recoveries?; III. Credit Growth and Economic Activity; IV. Financial and Macroeconomic Indicators Influencing Credit Growth; V. Credit Growth and Bank Profitability; VI. Summary of Main Findings; FIGURES; 1. EUR economies pre- and post-GFC outturns; 2. Non-financial Episodes: Recession and Recovery Period; 3. Financial episodes: Recession and Recovery Period; 4. Non-financial Episodes: Breakdown by Exchange Rate Regime; 5. Financial Episodes: Breakdown by Exchange Rate Regime
TABLES2.1 Cyclical properties of real output and real bank credit to the private sector; 2.2 External demand comparison; 3.1 Regressions using lending standards-based instruments; 3.2 Credit Growth and GDP Growth; 3.3 Credit Growth and Private Investment Growth; 3.4 Credit Growth (total credit) and GDP Growth; 3.5 Credit Impulse and GDP Growth; 4.1. Cross-Country Analysis of Determinants of Credit Growth: Regression Results; 5.1. Models for Bank Profitability and Credit Growth; 5.2. Models for Bank Profitability and Credit Growth; APPENDICES
I. Economic Hypotheses about Post-Financial-Crisis RecoveriesII: Selected Data Issues; A. Countries and Period Covered; B. Data Sources; C. Data Cleaning; D. Selected Definitions and Concepts; ANNEXES; II. 1. Description of Data used in Section II; II. 2. Description of Data used in Section III; II. 3. Description of Data used in Section IV; II. 4. Description of Data used in Section V; REFERENCES
Summary "This paper reviews the empirical relationships between credit growth, economic recovery, and bank profitability in Europe after the global financial crisis (GFC). The authors find that the post GFC recoveries in Europe have been weaker than previous recoveries, with the "double-dip" recessions in 2011-12 in many countries and the worldwide reach of the GFC explaining the underperformance. Bank lending has been subdued as well, but this appears to have only held back the recovery relatively moderately. A 10 percent increase in bank credit to the private sector is associated with a rise of 0.6-1 percent in real GDP and 2-2ư percent in real private investment. These relationships have not changed significantly during and after the GFC. Loan quality, customer deposits, bank equity price index, and bank capital appear to be closely linked to bank lending. As expected, bank profitability is positively and significantly influenced by credit growth, but this relationship has weakened after the GFC."--Abstract
Notes "November 2017."
Online resource; title from PDF title page (IMF, viewed Apr 27, 2020)
Subject Bank profits -- Europe
Bank loans -- Europe
Global Financial Crisis, 2008-2009.
Bank loans.
Bank profits.
Creditless Recoveries.
Bank Profitability.
Mortgages.
Credit Growth.
Europe.
Form Electronic book
Author Antoshin, Sergei, author.
International Monetary Fund. European Department.
ISBN 1484329619
9781484329610