WTC 1 - Child Tax Credit and Working Tax Credit - An introduction

Among emerging markets, it accounted for a high share – roughly a quarter – of total bank credit in emerging Europe, but much less in Asia and the Pacific and Latin America. Comparing these measures, the data that have been adjusted for exchange rate fluctuations tell very different stories from the ones implied by the unadjusted data. While the latter show large contractions outside the United States, the former indicate that, worldwide, total bank credit did not actually contract during the crisis. What did contract was direct cross-border credit. While growth in domestic credit remained positive in all six regions (blue lines), growth in direct cross-border credit...