VAR model with excess credit growth and control variables (interest rate and inflation) over two periods, 1954 … credit growth and GDP volatility changed between the two periods, controlling for the stance of monetary policy, for … inflation, and for the endogeneity of credit to growth (as well as for other endogeneities). Results from Granger causality …

prices and in credit relative to output. The distribution of credit shifted towards the financial and real estate sectors … stability was destabilizing. We explore this interpretation by testing the Allen and Gale (2000) bubble feature that credit … growth was driven more by past credit growth and less by output growth. We test this distinguishing between credit to asset …

, even though a considerable slowdown in bank lending has been recorded, there has not been a credit crunch. After a first …’s demand for bank loans. An Error Correction Model (ECM) is used – estimated for the pre-crisis period (1998.Q2 – 2007.Q2) and … applied to loans. To test the robustness of the results obtained in the first specification of the model, we remove the …

framework of cointegration. However, parts of this approach have been questioned recently, as the adjustment mechanism may not …