モメンタムを保つ：金融はいかに新興国の経済発展をサポートし続けられるか

2024年9月公表のBISペーパー。原題は「Keeping the momentum: how finance can continue to support growth in EMEs」で、著者はRyan Banerjee, Aaron Mehrotra and Fabrizio Zampolli。以下はその要旨。This paper examines how finance can support economic growth in emerging market economies (EMEs). Historically, finance has contributed to rising income levels, yet its future impact is less certain. Evidence indicates that as credit and income levels increase, the positive impact of finance on growth tends to weaken. Additionally, unchecked credit expansion can lead to financial busts, resulting in prolonged periods of sub-par economic

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