Sims and Zha (1999, 2006), the empirical evidence for the U.S., the U.K., Germany, and Italy shows that it is important to … minor role in the asset markets of the U.S. and Germany; (ii) they substantially increase the variability of housing and …

, fiscal data; and (vii) analyze empirical evidence from the U.S., the U.K., Germany, and Italy. The results show that …

on the lending markets in the five major EU countries as well as, for comparison, the UK, the US and Japan. Bearing the …, whereas overall loan markets in Germany and Spain were among the best competitive in the EU. The Netherlands occupied a more …, particularly in Germany and the US, than savings and cooperative banks …

.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i …