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Calvo, Guillermo.

Output Collapse in Eastern Europe The Role of Credit / Guillermo Calvo. [electronic resource] : Guillermo Calvo. - Washington, D.C. : International Monetary Fund, 1992. - 1 online resource (30 p.) - IMF Working Papers; Working Paper ; No. 92/64 . - IMF Working Papers; Working Paper ; No. 92/64 .

Real bank credit in Eastern European countries after their recent stabilization programs is shown to have fallen sharply, except in the case of Hungary. The meaning of the fall is discussed under the present value and liquidity perspectives. Moreover, it is shown that the hypothesis that output contraction may be partly due to credit contraction cannot be ruled out. The hypothesis is tested on a sample of 85 branches of industry in Poland. The rationale for expecting a connection between credit and output and policy options to attenuate the liquidity crunch in post-socialist economies is also subject to analysis.

ISBN: 1451848471 : 15.00 USD

ISSN: 1018-5941

Standard No.: 10.5089/9781451848472.001 doi

Subjects--Topical Terms:
Bank Credit
Banking
Inflation
Output Collapse in Eastern Europe
Real Output
Relative Prices

Subjects--Geographic Terms:
Bulgaria
Poland