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In general, these indicators are built using financial data from the assets side of the balance sheet (i.e. Drehmann, Borio, & Tsatsaronis, 2012, Guarín, González, Skandalis, & Sánchez, 2014 and Greenwood, Landier, & Thesmar, 2012 Frankel & Saravelos, 2010 Goldstein, Kaminsky, & Reinhart, 2000). Bruno & Shin, 2013 Mendoza & Terrones, 2008 Hume & Sentance, 2009 Bordo & Haubrich, 2010 Reinhart & Reinhart, 2010 Claessens, Kose, & Terrones, 2012).įurthermore, recent literature on this topic has concentrated on the construction of early warning indicators of lending booms, financial fragility and banking crises (e.g. One particular branch of this literature examines the existing relationship between credit cycles and macroeconomic aggregates (e.g. Borio, 2012 Gourinchas, Valdes, & Landerretche, 2001 Cerra & Saxena, 2008 Jorda, Schularick, & Taylor, 2012 Schularick & Taylor, 2012).

Literature on financial stability has studied extensively the dynamics of credit, the measurement of the financial cycle and its relationship to banking crises (e.g. These themes are particularly relevant in emerging economies where periods of rapid expansion in credit could arise diverse fragilities in the financial system. An understanding of issues such as the funding structure of bank lending, the role of leverage, the determinants of credit cycles and the identification of credit booms have become crucial subjects for authorities, given their aim of anticipating and avoiding financial crises. Since the beginning of the global economic crisis in mid-2007, topics concerning financial stability have gained importance in both the theory and the practice of macroprudential policy.