Policymakers in economies hit hard by the global financial crisis have been concerned about weak growth in credit, considered a main factor in the slow economic recovery. Many countries with near-zero or negative credit growth for a number of years sense that the strategy of very accommodative macroeconomic policies has been insufficient in reviving credit activity. Authorities have therefore implemented a host of policies to target credit creation (which are documented in an appendix to the chapter).1

Contributor Notes

The authors of this chapter are S. Erik Oppers (team leader), Nicolas Arregui, Johannes Ehrentraud, Frederic Lambert, and Kenichi Ueda. Research support was provided by Yoon Sook Kim. Fabian Valencia shared data and methodology.