01692cas a2200241 a 4500 AALejournalIMF000190 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451934755 1018-5941 BD-DhAAL BD-DhAAL Bulir, Ales. Business Cycle in Czechoslovakia Under Central Planning : Were Credit Shocks Causing it? / Ales Bulir. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines credit origins of the business cycle in the former Czechoslovakia. Industrial production is found to be cointegrated with various measures of bank credit during 1976-90 and it is shown that noninvestment credits are Granger-causing industrial production and that a feedback relation exists between investment credits and industrial production. Although the potency of credit supply shocks to industrial production has been changing, production decline (growth) seems to follow credit tightening (loosening). However, the paper confirms that credit shocks were only a minor part of the output decline in 1989-90. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1996/129 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/129/001.1996.issue-129-en.xml IMF e-Library