Figure 4. Private Credit in the CCA Contribution to Private Sector Credit Gap Figure 5. Contribution to Private Sector Credit Gap Oil Prices, Remittances, and Credit Downturns Figure 6. Oil Prices, Remittances, and Credit Downturns Figure 7. Housing Prices in US Dollars Figure 8. Real GDP Growth and Credit Downturns Figure 9. NPL s and Credit Downturns Figure 10. Selected Features of Macroprudential Institutional Frameworks Figure 11. Selected Broad Tools to Contain Credit Cycles Figure 12. Selected Tools to Contain FX Risks Figure 13. Dollarization
(CCA), about half of recent growth it estimated to come from increases in physical capital, a small share from increases in the labor force, and the rest from TFP. This is generally true for Uzbekistan as well, though the contribution of growth in labor is higher reflecting demographic changes, the entry of young people into the labor force. A large literature looks at determinants of TFP. Structural and institutional factors appear to have a significant impact, and appear to increase growth by raising total factor productivity. CCA: Contribution to Growth