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We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit ows or headcount of new borrowers. We then build on a ow approach to decompose changes in the net …
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We study the relation between the credit cycle and macro-economic fundamentals in an intensity-based framework. Using … the credit cycle from the micro rating data. We relate this cycle to the business cycle, bank lending conditions, and … financial market variables. In line with earlier studies, these variables appear to explain part of the credit cycle. As our …
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In U.S. data 1981-2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …
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