Governments permitted the credit expansion required to finance the higher price level.

Government efforts to take over the credit expansion also proved ephemeral in the early years of the transition.

If this were to inhibit credit expansion it could lead to lower interest rates.

The rapid credit expansion led to bank crisis in 1907, and also a property market collapse.

From January to April, banks were somewhat successful in keeping credit expansion below the level of a year earlier.

There is no means of avoiding the final collapse of a boom brought about by credit expansion.

In the early 1980s the financial market was mostly deregulated, leading to a massive credit expansion largely based on foreign debt.

Consumption was affected by credit expansion as well.

The Fed's challenge is to sustain growth through credit expansion without unleashing inflation, now stirring again.

Indeed, rather than entering into a credit expansion, the economy has been in an extended credit contraction.