LEADER 07542oam 22012734 450 001 9910813692803321 005 20200520144314.0 010 $a1-4623-4671-5 010 $a1-4527-7228-2 010 $a9786612841354 010 $a1-4518-7042-6 010 $a1-282-84135-1 035 $a(CKB)3170000000055054 035 $a(EBL)1607920 035 $a(SSID)ssj0000944007 035 $a(PQKBManifestationID)11564342 035 $a(PQKBTitleCode)TC0000944007 035 $a(PQKBWorkID)10995270 035 $a(PQKB)11540236 035 $a(OCoLC)762118966 035 $a(MiAaPQ)EBC1607920 035 $a(IMF)WPIEE2008184 035 $a(IMF)WPIEA2008184 035 $a(EXLCZ)993170000000055054 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCredit Growth in the Middle East, North Africa, and Central Asia Region /$fJoe Crowley 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (62 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/184 300 $aDescription based upon print version of record. 311 $a1-4519-1495-4 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Background; III. Overview of Private Sector Credit Growth in the Region; Figures; 1. Average Annual Private Sector Credit Growth Rates (SDRs); 2. Private Sector Credit to GDP, 1998 and 2006; 3. Private Sector Credit to GDP by Region, 1996-2006; Tables; 1. Private Sector Credit, Ratios to Oil and Nonoil GDP, 1996-2006; 4. Private Sector Credit to GDP, 1996-2006; IV. Public Sector Credit Growth; 5. Private Sector Credit to Total Credit in MCD Countries, 2001-2006; V. Analysis of Factors Determining Credit Growth; 6. Public Sector Credit to Nonoil GDP, 1996-2006 327 $a2. Regressions of Credit Growth, 1997-2006VI. Tests for Regional Spillovers from Oil; A. Exports; B. Capital Flows; 3. Exports of Goods and Services, 1996-2006; 7. Net Capital Flows, 1996-2006; C. Transfers; 4. Capital Flows as a Share of GDP, 1996-2006; 8. Net Transfers, 1996-2006; D. Indirect effects; VII. Investment; A. Overview; 5. Regressions of Credit Growth on Top Oil Producers' Earnings, 1997-2006; 6. Private Investment, 1996-2006; B. Regression Results; C. Implications for Nonoil Exports; 7. Regressions of Credit Growth on Investment and Foreign Liabilities, 1997-2006 1/ 327 $aVIII. Current Accounts A. Overview; B. Implications for Nonoil Exports; 8. Net Exports of Goods and Services in the MCD region, 1996-2006; IX. Structural Variables; 9. Regressions of Credit Growth on Structural Variables, 1997-2006 1/; X. Prudential Indicators and Profitability; A. Variables Examined; 9. Credit Growth and Profitability: 2006; 10. Credit Growth and Prudential Indicators: 2006; B. Regression Results; 10. Regressions of Credit Growth on Prudential Indicators, 2002-2006 1/; XI. Interest rates and Inflation; XII. Public Sector Involvement and Foreign Banks 327 $a11. Inflation (weighted by GDP) and Exchange Rates, 1996-2006 XIII. An Analysis of the Components of Private Sector Credit Growth; A. Economic Growth; B. Financial Sector Deepening; 12. GDP Growth, 1997-2006; 11. Deposits to GDP, by Region, 1996, 2006; C. Banks' Willingness to Lend to the Private Sector; 12. Private Sector Credit to Available Funds*, by Region, 1996-2006; XIV. Outlook for the Future; A. Regional Comparisons; B. Examination of the Components of Private Sector Credit Growth; C. Outlook by Region; D. Risks; XV. Policy Implications; XVI. Summary and Conclusions 327 $aXVII. Topics for Further Investigation Appendixes; I. Summary of Regression Variables; II. Data and Countries Analyzed; III. Fixed Effects Regressions; Appendix Tables; 1. Regressions of Credit Growth Regressions, 1997-2006-Fixed Effects; 2. Regressions of Credit Growth on Top Oil Producers' Earnings, 1997-2006-Fixed Effects; 3. Regressions of Credit Growth on Investment and Foreign Liabilities, 1997-2006-Fixed Effects; 4. Regressions of Credit Growth on Structural Variables, 1997-2006-Fixed Effects; 5. Regressions of Credit Growth on Prudential Indicators, 2002-2006-Fixed Effects 327 $aIV. Interest Rate Table 330 3 $aRapid private sector credit growth in the Middle East, North Africa, and Central Asia has been a result of strong economic growth, financial deepening, and banks? willingness to explore consumer credit markets. Economic growth, the initial ratio of private sector credit to GDP, price volatility, and nonoil exports are found to be significant explanatory variables, while oil exports and spillovers from oil exporting neighbors were not found to have any significance. The credit growth has financed consumer spending and home ownership rather than investment. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/184 606 $aCredit$zMiddle East 606 $aCredit$zAfrica, North 606 $aCredit$zAsia, Central 606 $aPetroleum industry and trade$xEconomic aspects$zMiddle East 606 $aPetroleum industry and trade$xEconomic aspects$zAfrica, North 606 $aPetroleum industry and trade$xEconomic aspects$zAsia, Central 606 $aCivil service & public sector$2imf 606 $aConsumer credit$2imf 606 $aCredit$2imf 606 $aEnergy: General$2imf 606 $aExports and Imports$2imf 606 $aExports$2imf 606 $aFinance, Public$2imf 606 $aInternational economics$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Energy$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aOil exports$2imf 606 $aOil$2imf 606 $aPetroleum industry and trade$2imf 606 $aPublic Enterprises$2imf 606 $aPublic sector$2imf 606 $aPublic-Private Enterprises$2imf 606 $aTrade: General$2imf 607 $aSaudi Arabia$2imf 615 0$aCredit 615 0$aCredit 615 0$aCredit 615 0$aPetroleum industry and trade$xEconomic aspects 615 0$aPetroleum industry and trade$xEconomic aspects 615 0$aPetroleum industry and trade$xEconomic aspects 615 7$aCivil service & public sector 615 7$aConsumer credit 615 7$aCredit 615 7$aEnergy: General 615 7$aExports and Imports 615 7$aExports 615 7$aFinance, Public 615 7$aInternational economics 615 7$aInvestment & securities 615 7$aInvestments: Energy 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aOil exports 615 7$aOil 615 7$aPetroleum industry and trade 615 7$aPublic Enterprises 615 7$aPublic sector 615 7$aPublic-Private Enterprises 615 7$aTrade: General 676 $a332.7 700 $aCrowley$b Joe$01673837 801 0$bDcWaIMF 906 $aBOOK 912 $a9910813692803321 996 $aCredit Growth in the Middle East, North Africa, and Central Asia Region$94038206 997 $aUNINA