资源环境科技发展态势分析平台

This working paper explores the association between economic growth and systemic financial risk. It uses elements of private credit growth to measure system financial risk. Using cross-country panel data, it finds that the beneficial effects of systemic risk on economic growth were evident only prior to 2000. The findings help explain why boom–bust dynamics were positively associated with economic growth in emerging markets in the past and why the growth of advanced economies has been sluggish since the global financial crisis.