bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more …

speculative bubbles …

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time … that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the …

In the aftermath of the global financial crisis, the issue of how best to identify speculative asset bubbles (in real … boom-bust episodes, the approach is signaling mounting vulnerabilities in risky U.S. credit markets. Policy makers and …-crisis financial infrastructure is braced to accommodate a re-pricing in credit risk …

This paper analyses the effect of asset prices on credit growth in France and tries to disentangle credit demand and … period, but without credit supply factors being singled out. By contrast, housing price growth has a significant effect … during periods of financial instability only, even after controlling for credit demand effects. These results show that …

are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output …, that is, expansions in credit that are backed not by expectations of future profits (i.e.fundamental collateral), but …