In a new background paper prepared for the 2015/2016 Global Financial Development Report on Long-Term Finance, Haelim Park, Thierry Tressel and Claudia Ruiz analyze the growth of bank credit to firms in the emerging and advanced countries of the European Union.[1] By classifying loans according to their maturity, they document how long-term loans to enterprises in the emerging countries of the EU were growing substantially faster than in the rest of the region during the pre-crisis years.[2]
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