Credit Growth in European Emergent Countries. Advantage or Disadvantage?

It is widely recognized in the economic literature that there is an interdependency between economic growth and its need for funding provided by the financial sector. Access to credit depends not the least, by the credit policy of the national and international financial institutions and the macroeconomic framework conducive to lax or restrictive lending policies. Channels of transmission of the crisis to the real economy, national and international, have been the channels of trade, credit and exchange rates, the confidence of companies and individuals being deeply affected, which had a strong impact on consumption, investment and employment. The objective of this paper is to analyze the impact of credit policies on the emergent economies, with emphasis on changes that are necessary in the context of international financial crisis and to highlight the measures needed to support lending as a way to financial recovery.