, (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 …

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

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 …

restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …

capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance … development of the credit to GDP ratio. JEL Classification: F3, F4, F5 …

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 …

-prime credit crisis on the euro money market during the second half of 2007. This is done in two steps. Firstly, the long …, policy interventions, and credit risk) is assessed by jointly modelling their behaviour. We show that, after August 2007 …-free” rate close to the policy rate, but has not fully off-set the impact of the credit events on other money market rates. JEL …