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I guess your question is regarding the impact of credit in present worlds economy. This in my opinion is a very much open question so much so that answering it could be done in books since it has plenty of aspects to be considered in answering.
In answering this question we inevitably need to consider and discuss the following factors which is not possible in this page.
1. Nature and types of credits granted by financial institutes
2. government policies in granting credit.
3. Consequences of increasing and decreasing interest rates in economy.
4. Recent failures in well reputed financial institutes and subsequent developments in government policies and laws such as Sarbanes Oxley Act.
4. Consequences of increasing and decreasing credit to an economy
5. What is Islamic Banking a recent development and trend in Financial Market
The above are few of separate chapters that needs to be studied in order to understand the impact of financial market to an economy.
