... Cottarelli, Dell’Ariccia, and Vladkova-Hollar (2003), Schadler and others (2004), and International Monetary Fund (2004b). 10 Note that the negative growth of credit in the Czech and Slovak Republics ... -20.0-10.00.010.020.030.040.050.060.0UkraineLatviaAlbaniaBulgariaLithuaniaRussiaBelarusEstoniaMoldovaHungaryCroatiaRomaniaSloveniaBosniaMacedoniaPolandCzech RepublicSlovak RepublicReal Growth of Private Sector Credit Private Sector Credit (As a Ratio to GDP) in 1999Average Credit/ GDP (1999) Average real credit growth (2000-04) ... WP/05/151 Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies Paul Hilbers, Inci Otker-Robe, Ceyla Pazarbasioglu, and Gudrun Johnsen ...