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This paper examines credit origins of the business cycle in the former Czechoslovakia. Industrial production is found to be cointegrated with various measures of bank credit during 1976-1990. Noninvestment credits are shown to be Granger-causing industrial production and a feedback relation...
Persistent link: https://www.econbiz.de/10014211290
This paper examines credit origins of the business cycle in the former Czechoslovakia. Industrial production is found to be cointegrated with various measures of bank credit during 1976-90 and it is shown that noninvestment credits are Granger-causing industrial production and that a feedback...
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