In this paper, we empirically assess the effects of the decomposed private sector credit on the economic growth and … economic growth, whereas for the household credits the result is ambiguous. Regarding the impact of the decomposed credit on … the REER, used as a measure of the price competitiveness of the specific countries, our findings suggest that both …

transmission channels. In addition, the effects of monetary policy on macroeconomic variables during the crisis are also analysed … the acute stage of the crisis, monetary policy was forced to react to pressures on foreign exchange market. However, there … are indications that, once the situation in the foreign exchange market stabilised, monetary policy started to support …