TY  - BOOK
AU  - Calvo,Guillermo
AU  - Coricelli,Fabrizio
TI  - Output Collapse in Eastern Europe: The Role of Credit 
T2  - IMF Working Papers; Working Paper
SN  - 1451848471 :
SN  - 1018-5941
PY  - 1992///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Bank Credit
KW  - imf
KW  - Banking
KW  - Inflation
KW  - Output Collapse in Eastern Europe
KW  - Real Output
KW  - Relative Prices
KW  - Bulgaria
KW  - Poland
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/05064-9781451848472/05064-9781451848472/05064-9781451848472.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451848472
ER  -