Were Schumpeter and Keynes Right? The Differentiation of Credit and its Impact on Economic Growth in Taiwan
This thesis analyzes whether the growth in productive credit is positively associated with economic growth in Taiwan from 1997 to 2023, while the growth in unproductive credit is not. It also focuses on whether credit creation is the main determinant of investment rather than savings. This study constructs new proxies of productive and unproductive credit by including loans to the government and a
