https://m2.mtmt.hu/ eng 2026-04-16 14:42 JournalArticle 34841696 ADMIN_APPROVED true 0 false 2026-01-01T17:50:12.801+0000 2025-02-09T23:33:41.861+0000 2024-05-07T12:29:47.641+0000 true 10035832 Pergéné Szabó Enikő /api/admin/10035832 Admin true 10035832 2025-02-09T23:32:59.909+0000 2025-02-09T23:32:59.909+0000 2024-05-07T12:29:54.437+0000 true 10035832 Pergéné Szabó Enikő /api/admin/10035832 Admin true 10035832 true false true 24 24 /api/publicationtype/24 PublicationType 1 true 24 JournalArticle true 10000059 Article true 24 24 /api/publicationtype/24 PublicationType 1 true 24 JournalArticle /api/subtype/10000059 Szakcikk SubType 101 true 10000059 true 1 /api/category/1 Category true 1 Fazekas, Balázs Accelerate or brake?—The connection of credit gaps and economic disequilibrium true true /api/journal/10018353 REVIEWED true false 10018353 false 10018353 true 1086-1718 1099-1697 Journal FOREIGN 33 3 139 150 139 12 2024 Credit supply shocks significantly aggravate the impact of economic recessions. Understanding the underlying reasons why credit market shocks occur and detecting the market turbulences in time can give a decision support tool for the economic policy to intervene more efficiently on the market and to reduce the effect of economic downturns. The goal of the current article is to investigate the factors that signal possible credit shocks by analyzing the quarterly data of 17 European countries over the period 1995–2021. The focus of the article is on the credit given to the nonfinancial corporations. In our analysis, we have built on the credit gap methodology by determining the deviations of the lending activity from its trend, and then we have modeled these credit gaps using fundamental macroeconomic indicators, such as the balance of the current account, the ratio of short‐ and long‐term capital investments and government debt. Our conclusion is that in the presence of fundamental disequilibrium in the economy excessive lending creates positive credit gaps that increase the chance of negative credit market shocks. According to our new findings, the existing credit gap methodology can be improved by incorporating real economic factors; slowing long‐term capital investment and increasing the deficit of the current account signal the emergence of a credit gap. We found significant regional heterogeneity as in Southern European countries, and the credit gaps were more substantial. Among the investigated macroeconomic factors, the governmental indebtedness was especially high in these countries suggesting that countries with high public debt rates are more prone to develop credit gaps. true true 2024 true true true false true false NONE 2026-01-01 false 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 3 Q1 C nemzetközi false 10018271 false false false 2024-05-06T12:29:54.344+0000 Pénzügyi Tanszék (DE / GTK / SZamvPuI); Számviteli és Pénzügyi Intézet (DE / GTK) 3 9 2 3 0 true Language 10002 /api/language/10002 Angol English true 2 true PersonAuthorship 116528553 /api/authorship/116528553 1 0.333 true false false Author 10045268 /api/author/10045268 Fazekas Balázs true 10045268 true Fazekas Balázs true false false AuthorshipType 1 /api/authorshiptype/1 0 true 0 true false true PersonAuthorship 116528554 /api/authorship/116528554 2 0.333 false false false Author 10083552 /api/author/10083552 Póta Cserne Panka true true Póta Cserne Panka true false false AuthorshipType 1 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true /api/publication/34841696 <div class="JournalArticle Publication long-list"> <div class="authors"> <img title="Forrásközlemény" style="float: left" src="/frontend/resources/grid/publication-core-icon.png"> <img title="Idézőközlemény" style="float: left" src="/frontend/resources/grid/publication-citation-icon.png"> <div class="autype autype0"> <span class="author-name" mtid="10045268"><a href="/gui2/?type=authors&mode=browse&sel=10045268" target="_blank">Fazekas Balázs (<span class="authorship-author-name">Fazekas Balázs</span> <span class="authorAux-mtmt"> közgazdaságtudományok</span>) </a> </span> <span class="author-affil"><span title="University of Debrecen">UD</span>/<span title="Gazdaságtudományi Kar">GTK</span>/<span title="Institute of Accounting and Finance">IAF</span>/Pénzügyi Tanszék</span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" mtid="10083552"><a href="/gui2/?type=authors&mode=browse&sel=10083552" target="_blank">Póta Cserne Panka (<span class="authorship-author-name">Póta Cserne Panka</span> <span class="authorAux-mtmt"> pénzügyi tudatosság</span>) </a> </span> <span class="author-affil"><span title="University of Debrecen">UD</span>/<span title="Gazdaságtudományi Kar">GTK</span>/Institute of Accounting and Finance</span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" mtid="10018271"><a href="/gui2/?type=authors&mode=browse&sel=10018271" target="_blank">Becsky‐Nagy Patrícia (<span class="authorship-author-name">Becsky-Nagy Patrícia</span> <span class="authorAux-mtmt"> Közgazdaságtudományok, Gazdálkodás- és szervezé...</span>) </a> </span> <span class="author-affil"><span title="University of Debrecen">UD</span>/<span title="Gazdaságtudományi Kar">GTK</span>/<span title="Institute of Accounting and Finance">IAF</span>/Pénzügyi Tanszék</span> </div> </div> <div class="title"><a href="/gui2/?mode=browse&params=publication;34841696" target="_blank">Accelerate or brake?—The connection of credit gaps and economic disequilibrium</a></div> <div> <span class="journal-title">STRATEGIC CHANGE: SC</span> <span class="journal-issn">(<a target="_blank" href="https://portal.issn.org/resource/ISSN/1086-1718">1086-1718</a> <a target="_blank" href="https://portal.issn.org/resource/ISSN/1099-1697">1099-1697</a>)</span>: <span class="journal-volume">33</span> <span class="journal-issue">3</span> <span class="page"> pp 139-150 </span> <span class="year">(2024)</span> </div> <div class="pub-footer"> <span class="language" xmlns="http://www.w3.org/1999/html">Language: English | </span> <span class="identifiers"> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="10.1002/jsc.2570" target="_blank" href="https://doi.org/10.1002/jsc.2570"> DOI </a> </span> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="001153937500001" target="_blank" href="https://www.webofscience.com/wos/woscc/full-record/001153937500001"> WoS </a> </span> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="365858" target="_blank" href="http://hdl.handle.net/2437/365858"> DEA </a> </span> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="85184190821" target="_blank" href="http://www.scopus.com/record/display.url?origin=inward&eid=2-s2.0-85184190821"> Scopus </a> </span> <span class="id identifier oa_none" title="none"> <a style="color:black" title="https://onlinelibrary.wiley.com/doi/10.1002/jsc.2570" target="_blank" href="https://onlinelibrary.wiley.com/doi/10.1002/jsc.2570"> Other URL </a> </span> </span> <OnlyViewableByAuthor><div class="ratings"> <div class="journal-subject">Journal subject: Scopus - Business, Management and Accounting (miscellaneous)&nbsp;&nbsp;&nbsp;Rank:&nbsp;Q1</div> <div class="journal-subject">Journal subject: Scopus - Finance&nbsp;&nbsp;&nbsp;Rank:&nbsp;Q1</div> <div class="journal-subject">Committee on Economics HASSELIX GMB [1901-]&nbsp;&nbsp;&nbsp;C nemzetközi</div> </div></OnlyViewableByAuthor> <div class="publication-citation"> <a target="_blank" href="/api/publication?cond=citations.related;eq;34841696&sort=publishedYear,desc&sort=title"> Number of cited publications: 3 </a> </div> <div class="mtid"><span class="long-pub-mtid">Publication: 34841696</span> | <span class="status-data status-ADMIN_APPROVED"> Admin approved </span> Core Citing | <span class="type-subtype">Journal Article ( Article ) </span> | <span class="pub-category">Scientific</span> | <span class="publication-sourceOfData">kézi felvitel</span> </div> <div class="lastModified">Last Modified: 2025.02.10. 00:33 Enikő Pergéné Szabó (admin) </div> </div></div>