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 …

The US credit boom has been identified as one of the causes of the global financial crisis and the resulting debt … overhang is seen as the primary reason for the weak economic recovery. Most of the existing literature links the credit boom to … non-financial private sector had been originated by shadow banks. Consequently, dampening credit creation by the …

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 …

The assumption that remittances are a substitute for credit has been an implicit or explicit theoretical foundation of … to health shocks. This finding is consistent with the view that remittances respond to households' demand for financing … emergencies and make them less reliant on debt-financing. …

about even though flows of other sources of financing, such as equity and debt securities, expand strongly and act as a … the act of lending. Consequently, our findings indicate that a substitution of bank loans by other sources of financing …

to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing … selection and identification via sign restrictions. We focus on the behaviour of firms' external financing sources alternative …