Credit Market and Economic Growth of Russia: Modeling Mutual Influence
An econometric model of the mutual influence of the credit market and main macroeconomic indicators of the Russian economy is discussed. The obtained results show that the credit market has an obvious positive impact on the economic growth. Applying the model also made it possible to estimate the impact of gross domestic product (GDP) growth on the credit market. The results have shown that GDP is a real driver of the credit market growth and its impact on the credit market considerably exceeds the influence of the existing credit market on the economic growth.