Raphael Espinoza

Raphael EspinozaRaphael Espinoza is an economist in the Strategy, Policy and Review Department at IMF. Previously, he worked on the GCC countries at the IMF and on the US economy at the ECB. He has published on macro-financial linkages and on monetary policy. An Ingénieur des Ponts et Chaussées, he holds a PhD in economics from the University of Oxford.

Papers Published in World Economics:

Further Fallout from the Global Financial Crisis

We examine the recent credit slowdown in emerging markets from three analytical angles. First, we find that, similar to past history, a credit boom preceded the current slowdown in many emerging markets, and argue that, going forward, a protracted period of sluggish growth is likely. Second, we focus on a relatively understudied region – the Middle East and North Africa (MENA) – using a more detailed banking data. We uncover a key role played by bank funding, in particular, deposit growth and external borrowing slowed considerably, despite expansionary monetary policy. Finally, we show that bank-level fundamentals – capitalisation and loan quality – helped to explain differences in credit growth across banks and countries.

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