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Bernanke, B.S., Gertler, M. and Gilchrist, S. (1999) The Financial Accelerator in a Quantitative Business Cycle Framework. In: Taylor, J.B. and Woodford, M., Eds., Handbook of Macroeconomics, 1341-1393.

has been cited by the following article:

• TITLE: Credit Markets Development and Economic Growth: Theory and Evidence

  AUTHORS: Seifallah Sassi

  KEYWORDS: Credit Markets Development, Economic Growth, Consumer Credit, Investment Credit, Panel Data

  JOURNAL NAME: Theoretical Economics Letters, Vol.4 No.9, November 21, 2014

  ABSTRACT: The purpose of this paper is to study jointly the effects of consumer credit market and investment credit market on economic growth. We introduce consumer credit market in Schumpeterian framework. Under credit market imperfections, our model predicts a negative effect of the development of consumer credit market and a positive effect of the development of investment credit market on economic growth. We next confront the model on a panel of 27 European’s countries over the period 1995-2012. Using GMM dynamic panel data estimation, empirical results confirm our theoretical predictions. Credit composition may give explanation of the ambiguous credit-growth nexus and its heterogeneity across country.