THE NON-GOVERNAMENTAL CREDIT IN MACRO-ECONOMIC CONTEXT: THE ROMANIAN CASE

Abstract

The global economic crisis strongly hit the Romanian economy in general and the credit market in particular, the latter stopped its development as had showed some signs of regression after September 2008. The disequilibrium models,pioneered by Maddala G. and Forrest N.some forty years ago, are used to econometrically describe, as precisely as possible, the evolution of the Romanian credit market in the general macroeconomic context of the years of economic crisis and post-crisis, 2009-2014. The main new scientific result of this paper is represented by the estimation and validation of a disequilibrium model for the Romanian credit market in this interval.

Keywords

• non-governmental credit
• financial crisis
• disequilibrium method