The study looked at how a decrease in available loans in Peru affects the economy. They used a special model to analyze the impact and found that when there are fewer loans: credit and real GDP growth go down, explaining a big part of the changes in GDP over time, and causing a significant drop in GDP growth after the Global Financial Crisis. The results were consistent even when using different methods to analyze the data. Overall, a decrease in loan supply has a bigger effect on non-primary economic growth in Peru.