This thesis investigates a credit boom in Azerbaijan in 2008 year. I also employ VECM to my model to figure out long-run and short-run dynamics and equilibrium level of credit. This paper also studies macroeconomic implications of high credit expansion. The study shows that credit boom creates non-trivial risk for macro aggregates and is followed by financial crisis in the economy.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: RECENT ECONOMIC OVERVIEW IN AZERBAIJAN
CHAPTER 3: LITERATURE REVIEW
CHAPTER 4: CREDIT BOOM
4.1 MAIN REASONS OF CREDIT BOOMS
4.2 EMPIRICAL INDENTIFICATION OF CREDIT BOOMS
CHAPTER 5: DATA ANALYSIS AND THEORETICAL FRAMEWORK
5.1 DATA ANALYSIS OF THE DETERMINANTS OF EQUILIBRIUM LEVEL OF CREDIT
5.2 THEORETICAL FRAMEWORK
CHAPTER 6: EMPIRICAL ANALYSIS AND RESULTS
6.1 FINDING THE CREDIT BOOM LEVEL
6.2 UNIT ROOT TESTS
6.3 COINTEGRATION TESTS
6.4 VECTOR ERROR CORRECTION MODEL
6.5 MODEL CHECKING
CHAPTER 7: CONCLUSION AND DISCUSSION
REFERENCES
APPENDIX
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