{"id":51479,"date":"2023-12-01T17:38:17","date_gmt":"2023-12-01T16:38:17","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/post-crisis-credit-slowdown-in-south-east-europe-return-to-normality\/"},"modified":"2025-10-22T22:14:43","modified_gmt":"2025-10-22T20:14:43","slug":"post-crisis-credit-slowdown-in-south-east-europe-return-to-normality","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/51479\/","title":{"rendered":"Post-crisis credit slowdown in South-East Europe: return to normality?"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-51479","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental growth is defined as the growth justified by the fundamentals, the equilibrium growth \u2013 as the growth consistent with the economy being in medium-term equilibrium. Results suggest that the slowdown reflects both return of the credit activity to its fundamental value, and return of the fundamental values to their equilibrium levels, after years of excessiveness during the pre-crisis period. Rapid credit growth, as in the pre-crisis period, should not be expected in the near future.","onlinedate":"2017-11-01 01:00:00","lang":"English","publication_series":"","publication_date":"20171101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Credit growth\",\"Equilibrium credit\",\"Fundamental credit\",\"South-East Europe\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"44","monthly_report_pages":"733-780","monthly_report_pages_sort":"733","issue":"4","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[12719,12721,12655],"persons_data":"[{\"personId\":12719,\"personName\":\"Branimir Jovanovic\",\"organisationNames\":[]},{\"personId\":12721,\"personName\":\"Egzona Hani\",\"organisationNames\":[]},{\"personId\":12655,\"personName\":\"Ljupka Georgievska\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Post-crisis credit slowdown in South-East Europe: return to normality? 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