Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153964
Authors: 
Kelly, Robert
McQuinn, Kieran
Stuart, Rebecca
Year of Publication: 
2013
Series/Report no.: 
ECB Working Paper 1531
Abstract: 
The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial instability. This view has been reinforced by the aftermath of the international financial crisis, which commenced mid 2007. A key policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular, significant deviations between the actual and long-run trends of the ratio. This paper examines the issue of the steady-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards, experienced a sizeable expansion in credit over the past 10 years.
Subjects: 
credit
GDP
indicator
JEL: 
G01
E51
E63
Document Type: 
Working Paper

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