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This article aims to evaluate the impact of the development of different types of loans in the banking sector on economic development. We will begin with the hypothesis that economic performance increases with the growth of the rate of various types of loans. We will fi rst look at research of current scientifi c knowledge in respect to bank loans and economic development. The basic idea of this article is the hypothesis described above, determined on the basis of standard economic fi ndings and based on the results of a majority of related studies. The development of loans provided can be quantifi ed based on data from the Czech National Bank as total loans and divided into loans to non-fi nancial companies and households, as well as mortgage loans and consumer loans. The development of the economy can also be quantifi ed using data from the Czech Statistical Offi ce on the development of the gross domestic product. The period selected is the years 2004-2015. To determine the relationships between selected variables, we have used statistical methods that respect the specifi c characteristics of the selected time series, namely the Engle-Granger causality test. Prior to testing, it was necessary to adjust the data as stationary and then test cointegration. An optimum order delay was also determined using the Akaike information criterion. The calculated results, except for consumer loans, confi rm the hypothesis regarding the positive impact of the rate of loans provided on economic growth, particularly with a six-month time lag. We have obtained results that correspond to standard economic knowledge and results of most previous studies.

O objetivo deste estudo é verificar se existe dominância fiscal ou monetária na economia brasileira no período pós-Plano Real. Investiga-se a relação de equilíbrio de longo prazo e a causalidade de Granger bivariada e multivariada entre as variáveis taxa nominal de juros, relação dívida/PIB, relação superávit primário/PIB, taxa real de câmbio e o prêmio de risco. Os resultados sugerem que a economia brasileira encontra-se sob regime de dominância monetária, segundo as definições propostas por Sargent e Wallace (1981). Além disso, o modelo proposto por Blanchard (2004) não encontra apoio empírico no período analisado.The aim of this study is to verify whether there is fiscal or monetary dominance in the Brazilian economy in the period of the post-Real plan. We investigate the long run equilibrium relationship and bivariate and multivariate Granger causality among the variables nominal interest rate, debt to GDP ratio, primary surplus to GDP ratio, real exchange rate and risk premium. The results have shown Brazil as a country under monetary dominance regime, according to Sargent and Wallace (1981) definition. In addition, the model proposed by Blanchard (2004) does not find empirical support in the Brazilian economy.