Figure 3
The figure shows two line graphs. The details of each graph are as follows: The graph on the left has the title “Response of C P I to L O A N.” The vertical axis ranges from negative 0.04 to 0.28 in increments of 0.04. The horizontal axis ranges from numbers 1 to 12 in increments of 1. The graph shows a single line and its two confidence lines, one above and one below it. The details of the lines are as follows: The main line starts at (1, 0.14), slightly decreases to (2, 0.135), and then decreases in a concave-up manner passing through (4, 0.044), (7, 0.012). The line then becomes parallel to the horizontal axis and ends at (12, 0.005). The upper confidence line starts at (1, 0.233), increases to (2, 0.26), and then decreases in a concave-up manner passing through (4, 0.121), (9, 0.035). The line then becomes parallel to the horizontal axis and ends at (12, 0.32). The lower confidence line starts at (1, 0.047), decreases in a concave-up manner to (3, negative 0.02), passes through (7, negative 0.026), (10, negative 0.023), and ends at (12, negative 0.021). The graph on the right has the title “Response of G D P to L O A N.” The vertical axis ranges from negative 0.5 to 0.4 in increments of 0.1. The horizontal axis ranges from numbers 1 to 12 in increments of 1. The graph shows a single line and its two confidence lines, one above and one below it. The details of the lines are as follows: The main line starts at (1, negative 0.009), increases to (2, 0.048), and then decreases in a concave-up manner, passing through (6, negative 0.053), (9, negative 0.057), and ending at (12, negative 0.026). The upper confidence line starts at (1, 0.209), increases to (2, 0.352), and then continuously decreases, passing through (6, 0.322), (9, 0.287), and ending at (12, 0.27). The lower confidence line starts at (1, negative 0.222), decreases to (5, negative 0.435), and then continuously increases in a concave-up manner, passing through (8, negative 0.396), (10, negative 0.365), and ending at (12, negative 0.33). Note: All numerical values are approximated.Impulse responses to credit growth shock (VARX: M0). Note: Dotted lines (red) represent ± 2 SE confidence bands, which are drawn from 2,000 repetitions. Source: Authors’ own work