The last decade has been characterised by a considerable increase in private non-financial sector borrowing. Through a panel data analysis performed with quarterly data over the period 1993-Q1 to 2014-Q3, the article shows that, in emerging market economies (EMEs), the buildup phase of the high private non-financial borrowing is associated with: an increase in credit demand; real currency appreciation; accommodative monetary policy stance and reduced macroeconomic vulnerabilities complemented by a healthy and large domestic banking system. In addition, global factors, such as the US dollar appreciation, high global financial market volatility and the US monetary policy stance, are found to explain the recent increase in private non-financial sector borrowing in EMEs.

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Jimborean, R. (2018). What Drives Non-Financial Sector Borrowing in Emerging Market Economies? Economie et Statistique / Economics and Statistics, 503-504, 143–161.
https://doi.org/10.24187/ecostat.2018.503d.1962