GDP Growth and Credit Data
It is a well-known fact that there is a strong relationship between bank credit and economic activity. Thus, it is a reasonable question whether credit data can be used in nowcasting GDP growth. It is important for policymakers to make on-time decisions with the most available data. Most macroeconomic variables are made available to public after a considerable delay; however, bank credit data may be very valuable for the early estimate of current GDP as it is available only with a few days delay. In this paper, we aim to investigate the feasibility of using credit data in explaining the variability in Turkish GDP growth as well as nowcasting it. For this purpose, we use credit impulse and new borrowing, two measures of credit flows. We show that both are significant in explaining the pattern of the Turkish GDP growth and have significant contribution in nowcasting it.
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- Huseyin Cagri Akkoyun & Mahmut Gunay, 2012. "Nowcasting Turkish GDP Growth," Working Papers 1233, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
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"What Happens During Recessions, Crunches, and Busts?,"
IMF Working Papers
08/274, International Monetary Fund.
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- Claessens, Stijn & Kose, Ayhan & Terrones, Marco E, 2008. "What Happens During Recessions, Crunches and Busts?," CEPR Discussion Papers 7085, C.E.P.R. Discussion Papers.
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"Nowcasting US GDP: The role of ISM Business Surveys,"
11-01, University at Albany, SUNY, Department of Economics.
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- Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Sudden Stops and Phoenix Miracles in Emerging Markets," American Economic Review, American Economic Association, vol. 96(2), pages 405-410, May.
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