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European Bank Deleveraging and Global Credit Conditions : Implications of a Multi-Year Process on Long-Term Finance and Beyond / Erik Feyen
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Feyen, Erik
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Finance.
- Bad deleveraging.
- Bankruptcy and Resolution of Financial Distress.
- Banks & Banking Reform.
- Credit.
- Debt Markets.
- Deleveraging.
- Emerging markets.
- European banks.
- Finance and Financial Sector Development.
- Financial Intermediation.
- Financial stress.
- Good deleveraging.
- Loan maturities.
- Long-term finance.
- Private Sector Development.
- Project finance.
- Retrenchment.
- Syndicated loans.
- Tightening credit standards.
- Trade finance.
- Local Subjects:
- Access to Finance.
- Bad deleveraging.
- Bankruptcy and Resolution of Financial Distress.
- Banks & Banking Reform.
- Credit.
- Debt Markets.
- Deleveraging.
- Emerging markets.
- European banks.
- Finance and Financial Sector Development.
- Financial Intermediation.
- Financial stress.
- Good deleveraging.
- Loan maturities.
- Long-term finance.
- Private Sector Development.
- Project finance.
- Retrenchment.
- Syndicated loans.
- Tightening credit standards.
- Trade finance.
- Physical Description:
- 1 online resource (28 pages)
- Other Title:
- European Bank Deleveraging and Global Credit Conditions
- Place of Publication:
- Washington, D.C., The World Bank, 2013
- System Details:
- data file
- Summary:
- This paper assesses European bank deleveraging and its impact on global credit conditions. Before the onset of the global financial crisis, European banks had rapidly expanded their foreign lending activities. However, European banks have since been tightening credit conditions in Europe more for longer-term lending, a trend that banks expect to continue. European financial stress has been transmitted to emerging markets that have experienced a sustained deterioration of credit standards and funding conditions. As a result, European lending in emerging markets has been lagging behind lending of other international banks although European banks remain a dominant source of funding. "Good" bank deleveraging is still necessary from a prudential perspective. Although acute "bad" deleveraging pressures due to financial stress, which can trigger a credit crunch, have subsided recently on account of decisive policy measures, tail risks remain. Curtailing lending will probably be a core component of this multi-year deleveraging process. Taken together, European bank deleveraging warrants close attention.
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