to activate macroprudential tools targeting excessive credit growth and leverage. To robustly select the key indicators … using credit to GDP gaps, credit to GDP ratios and credit growth rates, as well as real estate variables in addition to a …

of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer …

borrower characteristics as well as internal and external credit scores. Our results suggest that relationships of all kinds …

to have a significant effect on economic activity and credit market variables, but to some extent also inflation, in all …

loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …

credit market for the period 2010-13. Second, we provide a description of the relationship between credit difficulties and … correlation between credit difficulties and adjustments along both the extensive and the intensive margin. In the presence of … credit market difficulties, firms cut wages by reducing the variable part of wages. This evidence suggests that credit shocks …

This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After … building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses … panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our …