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This paper explores the contribution of credit growth and the composition of credit portfolio (corporate, consumer, and housing credit) to economic growth in emerging market economies (EMs). Using cross-country panel regressions, we find significant impact of credit growth on real GDP growth, with the magnitude and transmission channel of the impact of credit on real activity depending on the specific type of credit. In particular, the results show that corporate credit shocks influence GDP growth mainly through investment, while consumer credit shocks are associated with private consumption. In addition, taking Brazil as a case study, we use a time series model to examine the role that the expansion and composition of credit played in driving real GDP growth in the past. The results of the case study are consistent with those found in the cross-country panel regressions. JEL Classification Numbers: E44, E50, E51

The role of porosity on impedancemetric NO x sensing was investigated for sensors composed of a porous Y-stabilized ZrO 2 (YSZ) electrolyte and Au wire electrodes. NO x sensors were fabricated at firing temperatures of 950 • C, 1000 • C, and 1050 • C to establish different porous microstructures. Porosity calculations were determined from scanning electron microscopy images of the porous electrolytes using a three-dimensional statistical method. The mean porosity of sensors fired at 950 • C was 50.2%, and the mean porosity value decreased to 46.7% for sensors fired at 1050 • C. Impedance spectroscopy was used to measure the electrical response of the sensors while operating at 650 • C, in gas atmospheres of 0-100 ppm NO x and O 2 concentrations ranging from 1-18% in a balance of N 2 . The impedance of the sensors demonstrated a strong dependence on porosity as a decrease in porosity of about 4% resulted in nearly a 50% decrease in the impedance. Analysis of the impedance data indicted NO x sensitivity increased as the YSZ electrolyte porosity decreased. The response to NO x concentrations ≤ 10 ppm were distinguishable at operating frequencies as high as 40 Hz enabling rapid sensing.

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