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The role of credit aggregates and asset prices in the transmission mechanism: a comparison between the euro area and the US

Kaufmann, Sylvia; Valderrama, Maria Teresa - European Central Bank - 2007

We analyze the interaction between credit and asset prices in the transmission of shocks to the real economy. We … business cycle and which captures periods of very low real credit growth at the end of recessions. However, during this regime … credit markets and asset price markets do not impede economic recovery. In the other regime, we do find a procyclical effect …

Persistent link: https://www.econbiz.de/10005530956

Securitization, bank lending and credit quality: the case of Spain

Carbó-Valverde, Santiago; Marqués-Ibáñez, David; … - European Central Bank - 2011

markets leading to looser credit standards and subsequent financial stability problems. We analyze the sequential … deterioration of credit in this country considering rating changes in individual securitized deals and on balance sheet bank … which loan growth, on balancesheet credit quality and rating changes are estimated simultaneously. Our results suggest that …

Persistent link: https://www.econbiz.de/10009003443

The impact of monetary union on trade prices

Taglioni, Daria; Anderton, Robert; Baldwin, Richard E. - European Central Bank - 2003

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

Persistent link: https://www.econbiz.de/10005530693

Housing Finance in the Euro Area.

Drudi, Francesco; Köhler-Ulbrich, Petra; Protopapa, Marco - European Central Bank - 2009

1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such …

Persistent link: https://www.econbiz.de/10004969142

Aggregate loans to the euro area private sector

Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003

average of bank lending rates. The results are overall encouraging, though the recursive estimates of the long-run parameters …

Persistent link: https://www.econbiz.de/10005344909

Output and inflation responses to credit shocks: are there threshold effects in the euro area?

Calza, Alessandro; Sousa, João - European Central Bank - 2005

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of … asymmetric responses over the lending cycle. JEL Classification: E51, C15, C32 …

Persistent link: https://www.econbiz.de/10005816303

Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010

real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …

Persistent link: https://www.econbiz.de/10008541287

Bubbles, bank credit and macroprudential policies

Derviz, Alexis - European Central Bank - 2013

macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …

Persistent link: https://www.econbiz.de/10010686763

What does a financial shock do? First international evidence

Fornari, Fabio; Stracca, Livio - European Central Bank - 2013

In this paper we attempt to evaluate the quantitative impact of financial shocks on key indicators of real activity and financial conditions. We focus on financial shocks as they have received wide attention in the recent literature and in the policy debate after the global financial crisis. We...

Persistent link: https://www.econbiz.de/10010686798

Exploring the steady-state relationship between credit and GDP for a small open economy: the case of Ireland

Kelly, Robert; McQuinn, Kieran; Stuart, Rebecca - European Central Bank - 2013

The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …

Persistent link: https://www.econbiz.de/10010686848