Credit contractions are significant cause of unemployment, researcher says
Contractions have “persistent impact” on long-term unemployment in particular, paper argues
Data from developed countries show that credit contractions have significant effects on long-term unemployment in particular, a working paper from the Austrian central bank argues.
In Credit contractions and unemployment, Mihály Tamás Borsi investigates the impact of private credit contractions on labour market performance.
The author estimates the effect of credit contraction on measures of total, youth and long-term unemployment. The author does this using local projections for 20 Organisation
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