In other words, you could continue to raise interest rates, but if the state owned enterprises are still getting cheap credit, then all you will succeed in doing is killing the private sector while the state owned enterprises continue to invest in a wide range of activities.

NPR: Economic Boom Makes Some Vietnamese Uneasy

The state-run commercial banks, once the tools of the government and therefore happy to prop up loss-making enterprises, are now more brutal in cutting credit.

ECONOMIST: China

It broke the power of a bank oligopoly that had wasted Israel's savings on reckless loans to cronies in big business while starving small- and medium-sized enterprises of credit.

ECONOMIST: Israel at 60