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Credit and Business Cycles in Greece: Is there any relationship?

This paper examines the relationship between real credit and future movements in real output at business-cycle frequencies in Greece. Importantly, the evidence suggests that real credit is found to significantly affect real output, given the trade deficit ratio. This finding implies that the U-turn of the Greek economy requires a positive credit shock which will stimulate aggregate demand and real output.

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File URL: http://aphrodite.uom.gr/econwp/pdf/dp082012.pdf
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Paper provided by Department of Economics, University of Macedonia in its series Discussion Paper Series with number 2012_08.

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Date of creation: Aug 2012
Date of revision: Aug 2012
Handle: RePEc:mcd:mcddps:2012_08
Contact details of provider: Web page: http://www.uom.gr/index.php?tmima=3

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  1. Narayana R. Kocherlakota, 2000. "Creating business cycles through credit constraints," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 2-10.
  2. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall.
  3. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, vol. 64(4), pages 813-36, July.
  4. Helbling, Thomas & Huidrom, Raju & Kose, M. Ayhan & Otrok, Christopher, 2011. "Do credit shocks matter? A global perspective," European Economic Review, Elsevier, vol. 55(3), pages 340-353, April.
  5. Brunner, Karl & Meltzer, Allan H., 1990. "Money supply," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 9, pages 357-398 Elsevier.
  6. Barry Eichengreen & Kris Mitchener, 2003. "The Great Depression as a credit boom gone wrong," BIS Working Papers 137, Bank for International Settlements.
  7. Eric Zivot & Donald W.K. Andrews, 1990. "Further Evidence on the Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Cowles Foundation Discussion Papers 944, Cowles Foundation for Research in Economics, Yale University.
  8. McCracken, Michael W., 2007. "Asymptotics for out of sample tests of Granger causality," Journal of Econometrics, Elsevier, vol. 140(2), pages 719-752, October.
  9. Makram El-Shagi & Sebastian Giesen, 2010. "Testing for Structural Breaks at Unknown Time: A Steeplechase," IWH Discussion Papers 19, Halle Institute for Economic Research.
  10. Richard Werner, 2011. "Economics As If Banks Mattered: A Contribution Based On The Inductive Methodology," Manchester School, University of Manchester, vol. 79(s2), pages 25-35, 09.
  11. Lown, Cara & Morgan, Donald P., 2004. "The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey," SIFR Research Report Series 27, Institute for Financial Research.
  12. Nobuhiro Kiyotaki, 1998. "Credit and Business Cycles," The Japanese Economic Review, Japanese Economic Association, vol. 49(1), pages 18-35, 03.
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