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 …

Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting … with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction … of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results …

Strong Chinese output growth after the Global Financial Crisis was supported by booming credit. This credit boom … carries risks. International experience suggests that China's credit growth is on a dangerous trajectory, with increasing … credit boom safely …

implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts … the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches …

This paper analyzes the role of credit market imperfection and sectoral asymmetry as a means through which shocks to … two key stylized facts of the Chinese economy: that credit constraints are more binding in nontradable sectors than in … force behind our simulation results is strongly related to the non-uniform nature of credit market imperfections in China …

Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960�2011, we identify …, document, and compare the macro-economic dynamics of credit booms across low-and middle-income countries. The results suggest … that while the duration and magnitude of credit booms is similar across country groups, macro-economic dynamics differ …