The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

proposed by Hasenzagl et al. (2018). We distinguish between price variables such as credit spreads and stock variables such as …

credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit … percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks …

We study the synchronization of credit booms and busts among 12 major European economies and the United States between … 1972-2011. We propose a regression-based procedure to test whether boom-bust phases of credit cycles coincide across … countries and to cluster countries with positively synchronized credit cycles. We find strong evidence against the existence of …

lending can be explained by a shift in credit towards both export-intensive firms and small banks without foreign asset … exposure that have a higher share of exporting firms in their credit portfolio. We also find that German regions where these …

The Basel credit-to-GDP gap is the single most popular measure of excessive credit growth and the financial cycle in … general. It is based, however, on a purely statistical understanding of excessiveness: Growth is excessive if the credit …-to-GDP ratio (i.e. the ratio of credit to nominal GDP) is significantly above its long-term trend. This paper presents an …

Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the …