Taxpayer-funded bank rescues, higher bank capital requirements, and ultra-easy monetary policy have all been vital to overcome credit supply constraints. But there is strong evidence that once the immediate crisis was over, lack of demand for credit played a far larger role than restricted supply in impeding economic growth.
“信用动荡”——特别是贸易融资信用——毫无疑问是金融危机导致实体经济衰退的一个关键因素。纳税人出资的银行援助政策、更高的银行资本要求以及极端宽松的货币政策都是克服信用供给受限的关键。但充分的证据表明，一旦迫在眉睫的危机过去，信用需求不足对阻碍经济增长的作用就会远远超过供给受限。