Mechanika – wykład 3
Mechanika – wykład 3
Mechanika – wykład 3
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Centre for Banking, Finance& Sustainable DevelopmentManagement SchoolThe Quantity Theory of Credit (Werner, 1992, 1997)∆(P RY) = V R∆C R∆(P FQ F) = V F∆C Fnominal GDP real economy credit creation asset markets financial credit creationYoY %12108642083 85 87 89 91 93 95 97 99-2-4nGDP (R)CR (L)Latest: Q4 2000Real circulation credit determinesnominal GDP growthYoY %121086420-2-4YoY %80706050403020100Real EstateCredit (L)Nationwide ResidentialLand Price (R)YoY %-10-1071 73 75 77 79 81 83 85 87 89 91 93 95 97 99 014035302520151050-5Latest: H1 2001Financial circulation credit determinesasset prices <strong>–</strong> leads to asset cyclesand banking crises
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