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Bi-directional Causality between Firm and Household Credit: The Eurozone and Venezuelan cases

Juan Carlos Guevara Guevara ()
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Juan Carlos Guevara Guevara: Instituto de Investigaciones Económicas y Sociales. Universidad Católica Andrés Bello (UCAB). Caracas, Venezuela.

Economía, 2015, vol. 40, issue 39, 73-118

Abstract: Over a century, the academy has been unsuccessful in reaching an agreement over the effect of credit on economic growth. Probably this is the result of analyzing total credit rather than its component. In the present study, the independent effects of firm and household credits over economic growth are examined and, through a partial equilibrium model, we conclude that household credit effect is neutral unless it is anticipated by firm credit. Additionally, cointegration analysis applied to Eurozone countries and Venezuela, identifies bi-directional causality between both types of credit.

Keywords: Bi-directional Causality; Credit and Economic Growth; Eurozone; Venezuela. (search for similar items in EconPapers)
JEL-codes: C22 E27 E44 E51 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:ula:econom:v:40:y:2015:i:39:p:73-118