Credit behaviour in Albania: a sign of convergence or a deviation from its long-term trend?

Developments of rapid credit growth during 2004-08 in Albania, and then the immediate slowdown that lending suffered after 2008 are important events worth an in-depth analysis, not only from the macroeconomic but also from the financial system’s stability point of view. This paper aims to study the behaviour of lending to the Albanian economy, and to estimate its fluctuations over the last decade.