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Valentina Flamini, Pierluigi Bologna, Fabio Di Vittorio, and Rasool Zandvakil

, and monetary policy measures aimed at influencing credit dynamics in response to idiosyncratic shocks. Moreover, Guatemala and to a less extent Costa Rica’s credit cycles are less synchronized with the CAPDR region. In contrast, the El Salvador’s credit cycle is very synchronized with the regional credit cycle, followed by Honduras, Nicaragua and Panama which have synchronicity indexes slightly above 0.5. The credit cycles of the CAPDR countries could also be compared with respect to the amplitude of the credit gaps (similarity). According to this index, Panama