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 … financial accounts data, it is estimated that, shortly before the onset of the financial crisis, just about 12% of loans to the …

What began as a financial crisis in the United States in 2007-2008 quickly evolved into a massive crisis of the global … that banks that suffered losses due to proprietary trading activities at the onset of the financial crisis reduced their … lending more strongly than non-affected banks. In the second stage, we find that firms whose relationship banks reduce credit …

Motivated by the build-up of shadow bank leverage prior to the financial crisis of 2007-2008, I develop a nonlinear ….S. data with the objective of estimating and analyzing the probability of a run in the years preceding the financial crisis of …

sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by …

proposed by Hasenzagl et al. (2018). We distinguish between price variables such as credit spreads and stock variables such as … leverage. We find that (i) although the spreads correlate with the left tail of the conditional distribution of GDP growth …, they provide limited advanced information on growth vulnerability; (ii) nonfinancial leverage provides a leading signal for …

credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

vector autoregression with stochastic volatility. Our results indicate that credit constraints were a significant driver of …

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 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 … that the boom was unusually long and associated with neither particularly strong growth nor rising inflation in the …