... between GDP and loan growth, onthe one hand, and GPD growth and changes in credit standards, on the other hand.Results, which are reported in Table 3, panels A and B, suggest a signi…cant and positive ... "it + it+ + wit: (10)Equations (9) and (10) show the inter-dependence of eyit and elit and, therefore,between money demand shocks and output via the impact that th ese shocks have ... money demand shocks and real income. The assumption is plausible,since money demand shocks can depend on factors di¤erent from real income (and loan demand) such as institutional frameworks and/ or...