Phoenix Miracle (Biggs, Mayer and Pick)

Arthur Garbayo indicated the article, The myth of the “Phoenix Miracle” by Michael Biggs, Thomas Mayer and Andreas Pick published by VoxEU. The IMF forecast that credit growth would remain at historically low levels in the US in 2010, and that this would constrain economic growth. Yet a number of observers suggest that after financial crisis, GPD growth recovers before credit growth turns positive. see: http://www.voxeu.org/index.php?q=node/5038