Dvořák, Pavel - In: Politická ekonomie 2007 (2007) 2, pp. 183-205
of a monetary theory of cycles - by malinvestment, caused by an excessive credit boom. If these investments are financed … through credits, their systematic liquidation leads not only to recession, but also to the development of unsound indebtedness … and to a massive credit non-reimbursement. If the credits are granted in the local currency, there develops an internal …