12.7 percent in 2010. This decline was driven by the sharp fall in private saving, while public saving increased through … to gross domestic product (GDP) ratio. This improved the public saving-investment balance and helped reduce the … an acceleration of private consumption stimulated by the increased availability of credit, fall in interest rates and …

channels through which credit affects growth on the micro-level is scant. Using data from a cross section of Bulgarian firms …, the authors estimate the impact of access to credit (as proxied by indicators of whether firms have access to a credit or …' past growth to instrument for access to credit. The authors find credit to be positively and strongly associated with total …

"The authors study the effect of financial crises on trade credit in a sample of 890 firms in six emerging economies …. They find that although provision of trade credit increases right after the crisis, it consequently collapses in the … short-term debt and low cash stocks and cash flows) are more likely to reduce trade credit provided to their customers. This …