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• Több hitel, nagyobb kockázat

  185-200

  Balazs Csonto

  Dora Siklos

  Views:

  151

  The main goal of this paper is to analyse the characteristics of the rapid credit growth in Hungary in recent years. The availability of credit is crucial for households who want to smooth their consumption and for firms, while the amount of credit affects the monetary transmission mechanism and financial stability risks. We analyse the reasons for the credit expansion and demonstrate that the increase in the amount of credit can improve the efficiency of the monetary transmission mechanism, We analyse the micro risks induced by credit growth. Finally we demonstrate Krugman's model (1999) in connection with the Asian crises and then we try to prove that the growth of foregin-currency denominated credit decreases the ability of monetary policy to affect aggregate demand.

  Journal of Economic Literature (JEL) classification: E51.