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 …

to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …

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 …

reserve-rich banks’ credit supply is less sensitive to the monetary policy tightening compared to other banks. The effect …

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 …

This paper shows that the supply side of credit is a major factor for the phenomenonof hampered interest rate pass …