NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Why Does Credit Growth Crowd Out Real Economic Growth?

Stephen G. Cecchetti, Enisse Kharroubi

NBER Working Paper No. 25079
Issued in September 2018

---- Acknowledgments ----

We thank Claudio Borio, Dietrich Domanski, Barry Eichengreen, Andrew Filardo, Leonardo Gambacorta, Nobu Kiyotaki, Christian Upper and Fabrizio Zampolli for helpful discussions; and Garry Tang for valuable research assistance. The views expressed in this paper are those of the authors and not necessarily those of the BIS or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Stephen G. Cecchetti ----

Stephen G. Cecchetti periodically deliver lectures or presentations, and prepares reports or papers for which he receives compensation. Over the period from 2014 to 2018, he has received amounts in excess of $500 from the Federal Reserve Banks of Atlanta, Dallas and San Francisco; the European Central Bank; the Bank of England; the Banque de France; the Sveriges Riksbank; the Swiss National Bank; the Monetary Authority of Singapore; the Hong Kong Monetary Authority; the Bank for International Settlements; the New Zealand Treasury; the International Monetary Fund; the Internal Evaluation Office of the International Monetary Fund; the National University of Singapore; Columbia University; New York University; the CFA Institute; the Clearing House; the Abu Dhabi Investment Authority; Nordea; Fondo Latinamericao des Reservas (FLAR); and UBS.

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