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

Costas Karfakis

Discussion Paper Series from Department of Economics, University of Macedonia

Abstract: 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.

Keywords: Real output; business cycles; real credit; trade deficit ratio (search for similar items in EconPapers)
JEL-codes: E32 E51 E52 E58 (search for similar items in EconPapers)
Date: 2012-08, Revised 2012-08
New Economics Papers: this item is included in nep-mac
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Journal Article: Credit and business cycles in Greece: Is there any relationship? (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:mcd:mcddps:2012_08

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