Czech paper examines strength of link between financial and real sectors


Pro-cyclicality in the finance sector also makes itself felt in the ‘real' sector in small open economies such as the Czech Republic, according to a working paper from the Czech National Bank.

In Evaluating the links between the financial and real sectors in a small open economy: the case of the Czech Republic, Tomáš Konečný and Oxana Babecká Kucharčuková combine information on aggregate credit and non-performing loans (NPLs) to find that pro-cyclicality of the financial sector matters for the

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