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Using newly collected data on non-performing loan (NPL) in more than 190 countries over 27 years as well as policies aimed at dealing with NPLs, this paper presents stylized facts about episodes of high NPLs and NPL reduction episodes. A combination of asset management companies and public funds made available for recapitalisation is shown to be more effective in terms of resolving NPLs. A typical policy-assisted NPL reduction episode starts with a sharp drop in the stock of NPLs while in later years a greater contribution to the decline in NPL ratio comes from revived credit growth. This profile enables us to focus on specific events – sharp drops in NPL ratios – and their aftermaths, using cases of persistently high NPLs as a control group. Using matching analysis, we estimate that reductions in NPLs are associated with extra growth in excess of 1.5 percentage points per annum over several years.

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