Związek pomiędzy kredytem a produkcją przemysłową w kryzysie lat dziewięćdziesiątych i w kryzysie lat 2008-2011 w teorii Bena Bernanke na przykładzie
Ben Bernanke's credit channel and industrial production. A comperison of the 1990's crisis and current one in Norway

Summary/Abstract: The aim of the article is the analysis of Cost of Credit Intermediation on the industrial production in Norway, in the crisis of the nineties and the crisis of 2008-2011. The Nordic countries (including Norway) experienced a banking crisis nearly a quarter century ago, which seems to be very similar to the current crisis in Europe and in the USA. The adopted methodology is to find a observable that reflects the credit mechanism in both of these crises, and then examine the impact of this mechanism on industrial production. In the first stage of the investigations is the relationship of domestic credit to the money supply M2, and then calculated the correlation of this variable with data that are related to the mechanism of credit (bank losses, bankruptcies of companies). In the second stage, estimated the impact of previously adopted a observable that reflects the mechanism of CCI's industrial production in accordance with the methodology adopted by Bernanke (1983). The results suggest that both crises (in the 1990's and current) in Norway, where somewhat influenced by CCI, but in the former crisis acted significantly.

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