Browsing by Author "Valev, N."

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    Catching up or drifting apart: convergence of household and business credit in Europe
    (Elsevier, 2017) Bahadır, Berrak; Valev, N.; Economics; BAHADIR, Berrak
    We provide evidence for convergence in the levels of household and business credit across European countries. The process is particularly strong for the transition countries that have a low initial level of private credit and are catching up with Western Europe. However, the convergence is associated mostly with household credit, including housing loans and consumer credit, which may limit its benefits for economic growth.
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    Financial development convergence
    (Elsevier, 2015-07) Bahadır, Berrak; Valev, N.; Economics; BAHADIR, Berrak
    We show that credit levels relative to GDP and other measures for financial development tend to converge across countries over time. The results are obtained using a broad sample of countries over many years and controlling for the quality of country-level institutions, the efficiency of financial institutions, and a range of macroeconomic variables. While we find evidence for convergence in the broad sample, we show that it levels off when countries reach a medium level of financial development. At high levels of financial development, convergence slows down even more and becomes negligible.