High credit growth can lead to banking crises if the financial system is fragile due to factors like high leverage, asset price surges, and weak supervision. A study of 77 countries from 1973-2009 found that in advanced economies, high credit growth combined with high leverage and weak regulation increases the likelihood of a banking crisis. Other indicators of financial fragility also play a role in predicting banking crises, with varying significance depending on the country and time period.