consists in varying the size of the balance sheet, credit policy, which consists in modifying the credit structure, and … credit policy, which is driven by short-term imperatives and consists in supplying the banking system with liquidity in the … unconventional measures adopted by the ECB created interference between its monetary policy, its credit policy and its interest rate …

instrument, the short-term interest rate factors in financial stability considerations by leaning against credit growth; and the …-prudential policies that can 'lean against credit' without affecting the short-term interest rate.Our main result is that under most …

ECB's 2011-12 Long-Term Refinancing Operations (LTROs) affected lending to firms discontinuously across credit ratings …

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 …

of credit to SMEs over the recent period was "demand driven" as a result of the decrease in firms' activity and … investment projects or was "supply driven" with an increase in credit "rationing" stemming from a more cautious behavior of banks … granting credit, French SMEs do not appear to have been strongly affected by credit rationing since 2008. This result goes …