In this section, we focus on the relationship between total bank credit to non-bank borrowers and the international components of bank credit in emerging economies (see Annex 1 for sample of 31). We find that, in the years before the recent global financial crisis, a rising share of international credit was positively related to a rising ratio of bank credit to In other words, the evidence systematically implicates international credit in credit booms. We also show that the economies most dependent on international credit suffered the largest reductions in bank credit in the period from mid-2008 to mid-2011
