Financial and Monetary Systems

The complicated relationship between easy credit and economic growth

Rising financial constraints can also have a positive effect on aggregate economic productivity. Image: REUTERS/Yuriko Nakao

Philippe Aghion

Professor, College de France and London School of Economics

Antonin Bergeaud

Economist , Bank of France

Gilbert Cette

Deputy Director General, Economics and International, Banque de France

Remy Lecat

Head, Trade and Structural Policy Analysis Division, Banque de France

Helene Maghin

PhD candidate in Economics, KU Leuven


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Financial and Monetary Systems

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Each dot represents a sector in a specific year from 2006 to 2016. TFP growth and spread (the difference between average rate of new loans by manufacturing firms in France and the average EONIA) have been residualised on a sector-fixed effect.

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Related topics:

Financial and Monetary SystemsBanking and Capital MarketsCircular EconomyEconomic Progress


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