Credit Market and Economic Growth of Russia: Modeling Mutual Influence

V.A. Byvshev and N.E. Brovkina

European Research Studies Journal, 2018, vol. XXI, issue 4, 622-636

Abstract: An econometric model of the mutual influence of the credit market and main macroeconomic indicators of the Russian economy is discussed. The obtained results show that the credit market has an obvious positive impact on the economic growth. Applying the model also made it possible to estimate the impact of gross domestic product (GDP) growth on the credit market. The results have shown that GDP is a real driver of the credit market growth and its impact on the credit market considerably exceeds the influence of the existing credit market on the economic growth.

Keywords: Credit market; nominal and real gross domestic product (GDP); rate of real GDP growth; loans to non-financial organizations; loans to households; nominal and actual level of loans; rate of loans growth; Vector AutoRegression (VAR). (search for similar items in EconPapers)
JEL-codes: E44 G0 O16 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxi:y:2018:i:4:p:622-636

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