The departure from the Modigliani-Miller conditions, due for instance to market incompleteness, asymmetric information or taxation, tends to increase the importance of indirect channels by which monetary policy affects the level of economic activity in emerging market economies (EMEs). The bank...

Motivated by the frequently observed link between commercial property price volatility and banking crises, this paper investigates at a macroeconomic level the determination of commercial property prices and the interaction between commercial property prices and bank lending. We develop a...