Darvas, Zsolt, (2013), ‘Can Europe recover without credit?’, Bruegel Policy Contribution, Issue 2013/13.
Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in high-income countries.