CREDIT INDEBTEDNESS AS CONVERGENCE CATALYST OF ECONOMIC REGENERATION IN THE VISEGRAD GROUP OF COUNTRIES

Martin Hudec

Abstract


Financial institutions perform an important role as financial intermediaries in the financial market of the Visegrad group of four countries. These institutions ensure the smooth transfer and redistribution of funds from the various economic players with surplus savings to those who need freely obtainable funds through loans. This transfer and redistribution essentially accelerates the convergence of the four countries economics, through creating consumer debt closer to that of the developed and competitive western economies. The purpose of this paper is to research available statistics to evaluate and compare different aspects, conditions, and development of consumer credits in these four countries in terms of their progress with economic recovery, as a part of convergence after the crisis period, in Central Europe.

Keywords


consumer credit development, economic growth, financial market, Visegrad group.

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DOI: http://dx.doi.org/10.12955/cbup.v4.758

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