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Die Finanzierung über Anleihenemissionen und Zusammenhänge zum Wirtschaftswachstum
Fink, Gerhard | Haiss, Peter | Kirchner, Herwig
Credit and Capital Markets – Kredit und Kapital, Vol. 38 (2005), Iss. 3 : pp. 351–375
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Gerhard Fink, Wien
Peter Haiss, Wien
Herwig Kirchner, Wien
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Abstract
Financing by Way of Loan Issues and Relationships with Economic Growth
This article is the first to investigate the relationships with economic growth of both the net aggregated loan issue volume and of the individual loan sectors separately. Moreover, quarterly data has been used for the first time. Granger causalities have been calculated for time series pertaining to 15 European countries, the USA and Japan in order to see whether there is a positive relationship between loan market developments and economic growth also during a shorter review period. Where significant Granger causalities have been identified, the tendency is as follows: There is a causality between economic growth and the net volume of public-sector loan issues as well as between the net volumes of enterprise and financial-institution loan issues and economic growth.