Do capital flows drive credit growth and consumption in Central and Eastern Europe?
作者: Hegerty
作者单位: 1Department of Economics , Northeastern Illinois University , Chicago , USA
刊名: Post-Communist Economies, 2019, Vol.31 (1), pp.36-51
来源数据库: Taylor & Francis Journal
DOI: 10.1080/14631377.2018.1461516
关键词: Domestic creditCapital flowsConsumptionCentral and Eastern EuropeTime series
原始语种摘要: Abstract(#br)Domestic credit expansion in CEE economies, fuelled in part by foreign capital inflows, helped increase household welfare before the 2008 financial crisis caused a contraction across the region. How strong are the linkages between the current account, domestic credit and consumer spending? This study compiles a quarterly dataset of domestic credit as a share of GDP for 11 CEE European Union members and isolates structural breaks in the series’ growth rates that often align with the 2008 crisis. Vector autoregressive methods, particularly impulse response functions, show that increased current-account deficits lead to increased consumption in six of the 11 countries and increased credit growth in three, and that shocks to credit growth increase consumption in six countries....
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关键词翻译
关键词翻译
  • credit 信用
  • consumption 消耗
  • capital 首都
  • autoregressive 自回归
  • growth 生长
  • share 分配
  • Europe 欧洲
  • spending 经费
  • increase 增加
  • quarterly 每季