Analysis of Foreign Experience of Econometric Estimation of Credit Cycles

Credit cycle increases and decreases the availability of credit over time. Some economists think the credit cycle is fundamental source of business cycles. Others believe that credit cycles can not fully explain the phenomenon of business cycles, and for this we need to consider long-term changes in saving rates, fiscal and monetary policies and the corresponding multipliers. The aim of this work is to analyze the theory and international experience in the econometric estimation of credit cycles for further application of the results of this analysis in the evaluation of credit cycles in Russia and in several foreign countries.