Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference …

-term interest rates, total investment, real credit and real stock prices tend to increase the probability of a costly housing …, credit variables tend to play a less convincing role. From this perspective, we specify the scope of macro …

(the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to … credit throughout the cycles. …

The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given … monetary models which arbitrarily restrict the marketability properties of alternative assets to make money valuable are … difficult to assess. In this paper, I provide a framework in which fiat money has value in equilibrium, even though a higher …

This study attempts to distinguish, in the impact on credit in France, between the effects of stock market shocks … positive credit gap but it was not entirely offset in 2004. …

prices, and the extension of the quantitative equation of money to transactions on assets does not stabilize the money …

to control for firm-level credit demand shocks and bank-level credit supply shocks. We find very large effects of capital …

Rapid credit growth in the EU new Member States, acceding and candidate countries has raised the issue of financial … stability in the region. This rapid credit growth has been accompanied by the deterioration in the current account balance and … of the banking sector vis-à-vis the very rapid credit growth. Given the high share of foreign currency loans, we examine …

in financial stability considerations by leaning against credit growth; and (b) the existence, or not, of an authority in … credit” without affecting the short-term interest rate. Our main results are: (1) under most circumstances, macro … shocks (shocks to asset prices and credit); (3) under those circumstances, the best outcome in terms of price stability is …