still crowds out investment via the risk-premium. A simple rule for making M0 respond to credit conditions can substantially …

give credit for autonomous liberalization. This Paper shows that the desirability and feasibility of such a rule depends on … when it is instituted. A credit rule established at the beginning of a round of negotiations has primarily a distributional … generosity of those who have not liberalized. We propose instead the establishment of a credit rule at the end of a round of …

constrained by the state-imposed credit plan for working capital. Our analysis indicates the weakness of credit control and … device. The existence of credit and currency controls tends to make devaluation contractionary. Furthermore, because of …

If some consumers are liquidity-constrained, aggregate consumption should be ‘excessively sensitive’ to credit … conditions as well as to income. Moreover, the ‘excess sensitivity’ may vary over time. Using data for Canada, France, Japan, the … United Kingdom and the United States, we find a substantial impact of credit aggregates on consumption in all countries …

for the support of output through subsidies, another for similar support through credit. The first argument relates to the …

changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these …