beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …

mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the “bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

that the policy is transmitted via the portfolio rebalancing, the signalling, credit easing and exchange rate channels …

claims represent a shift of the ECB's refinancing credit to the crisis countries and thus a claim on the interest return from …

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit … and Target credit granted by core-country central banks have replaced private international capital flows in financing the … withdrew credit they had previously provided to German financial institutions. However, in 2012, foreign credit flows to German …