01774cas a2200265 a 4500 AALejournalIMF007087 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455221028 1018-5941 BD-DhAAL BD-DhAAL Abiad, Abdul. Creditless Recoveries / Abdul Abiad, Giovanni Dell'Ariccia, Grace Li. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "creditless", and average growth during these episodes is about a third lower than during "normal" recoveries. Aggregate and sectoral data suggest that impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms. Furthermore, sectors more dependent on external finance grow relatively less and more financially dependent activities (such as investment) are curtailed more during creditless recoveries. Mode of access: Internet Dell'Ariccia, Giovanni. Li, Grace. IMF Working Papers; Working Paper ; No. 2011/058 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/058/001.2011.issue-058-en.xml IMF e-Library