parallels in the early financial globalization era preceding World War I. All main capital-importing countries then faced … displayed striking crosscountry synchronization, being immediately preceded by rising world interest rates. Both fixed and …

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

This paper empirically estimates the main determinants of bank credit growth during the 2008 financial crisis. Using a … sample covering over 80 countries, this paper finds that larger bank credit booms prior to the crisis and lower GDP growth of … trading partners are among the most important determinants of the post-crisis bank credit slowdown. Structural variables such …