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Romania In A Post-Credit Crunch World? A Cautionary Tale From Australia And America

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Author Info

  • Costea, Carmen

    ()
    (AES Bucharest, Romania)

  • Keen, Steve

    ()
    (University of Western Sydney, Australia)

Abstract

We present data on debt accumulation in Australia and the United States, and tentative data on Romania, to pose the question of whether Romania might experience a credit crunch as a result of the US subprime financial crisis. We develop a model of a credit crunch in a pure credit economy with endogenous money creation to show how changes in bank lending practices and borrower repayment behaviour can bring about an economic decline.

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File URL: http://www.ipe.ro/rjef/rjef1_09/rjef1_09_2.pdf
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Bibliographic Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): 6 (2009)
Issue (Month): 1 (March)
Pages: 16-35

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Handle: RePEc:rjr:romjef:v:6:y:2009:i:1:p:16-35

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Related research

Keywords: Macroeconomics; Monetary Policy; Debt Deflation; Financial Instability;

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Cited by:
  1. Alenka Kavkler & Mejra Festić, 2010. "The Trade Deficit and Banking Sector Results in Romania and Bulgaria," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 12(27), pages 199-213, February.

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