also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on … generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome …, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during …

inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity. After … presenting the basic environment used throughout the book, Nosal and Rocheteau examine pure credit and pure monetary economies … information structures; economies where monetary exchange coexists with credit transactions; the coexistence of money and other …