国际清算银行：2024年新兴市场经济体的信贷和资源配置报告：回顾20年来利率的下降（英文版）

rger share of credit allocated to the housing sector since the early 2000s. This Bulletin highlights three growth implications of these developments for EMEs, consistent with previous research. First, there is evidence that private sector credit has a diminishing effect on growth once it reaches a high level. While most EMEs are still in the region where further expansion of private credit would boost growth, others could already be at a turning point where additional credit may become a drag