Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine

Posted: 14 Sep 2005

See all articles by Christoph K. Duenwald

Christoph K. Duenwald

International Monetary Fund (IMF)

Nikolay Gueorguiev

International Monetary Fund (IMF)

Andrea Schaechter

International Monetary Fund (IMF)

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Date Written: June 1, 2005

Abstract

Rapid credit growth in Bulgaria, Romania, and Ukraine has been driven by successful macroeconomic stabilization, robust growth, and capital inflows. While financial deepening is both expected and welcome, the recent expansions appear to have been excessive, as evidenced by widening current account deficits in Bulgaria and Romania, and prudential concerns in Ukraine. Policy responses have included attempts to both moderate credit growth and offset its impact on domestic demand, with mixed success thus far.

Suggested Citation

Duenwald, Christoph K. and Gueorguiev, Nikolay and Schaechter, Andrea, Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine (June 1, 2005). Available at SSRN: https://ssrn.com/abstract=800565

Christoph K. Duenwald (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Nikolay Gueorguiev

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Andrea Schaechter

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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