Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: The paper presents new time series data on credit to Danish residents by sector and industry 1951-2008 and explores the post-World War II trends and cycles in credit. In the post-1980 period characterised by increased influence from market forces due to financial liberalisation and internationalisation the swings in real credit growth have been substantial relative to the economic growth compared to the pre-1980 period where credit rationing and exchange controls served as important economic-policy instruments. Furthermore there seems to have been a shift over time in the short-term cyclical behaviour of credit to the various industries. This might reflect the increased significance of commercial and industrial foundations in the Danish economy.

Keywords: post world war II trends; credit; credit dynamics; Denmark

JEL-codes: A10

Language: English

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