Credit and economic recovery
Credit and economic recovery
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信贷和经济复苏
DOI：
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
A. Pick
中科院分区：
文献类型：
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作者：
M. Biggs;T. Mayer;A. Pick
在金融危机之后，经济活动在没有信贷反弹的情况下复苏，这几乎已经成为一个程式化的事实。我们研究了商业周期中信贷与经济活动之间的关系。在一个简单的模型中，我们表明，在信贷流量的反弹有更密切的关系，经济复苏比在信贷存量的反弹。利用发达国家和新兴市场国家的数据，我们发现，信贷流量与GDP的相关性高于信贷存量，特别是在金融危机后的复苏期。
It has become almost a stylized fact that after financial crises, economic activity recovers without a rebound in credit. We investigate the relationship between credit and economic activity over the business cycle. In a simple model we show that a rebound in the flow of credit has closer relationship with economic recovery than a rebound in the stock of credit. Using data from developed and emerging market countries we find that the flow of credit has a higher correlation with GDP than the stock of credit, in particular during recovery periods from financial crises.