Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP … levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and …

spur a declining economic growth. Incidentally, this work questions the issue of measuring economic regularities through … the empirical literature on the finance-growth nexus. It highlights an array of statistical issues casting serious doubts … expansion and economic growth is non-linear. However, our estimates document an overall negative effect of expanding credit to …

and declining oscillations in the growth rate of consumption and income. …