Failing to account for joint dynamics of credit and asset prices can be hazardous for countercyclical macroprudential … policy. We show that composite financial cycles, emphasising expansions and contractions common to credit and asset prices …

-dealers when they are more profitable. These results allow for a better understanding of banks' credit risk management. …

While some credit booms are followed by economic underperformance, many are not. Can lending standards help separate … good credit booms from bad credit booms contemporaneously? To observe lending standards internationally, I use information … HY share is procyclical, suggesting that lending standards in bond markets are extrapolative. Credit booms with …

This paper studies the relation between the credit-to-GDP ratio and macroeconomic trends. We estimate a long run … equation on a sample of EU countries; our findings suggest that the macroeconomic factors with which the credit ratio … past and future trends. First, we study the evolution of the credit ratio in the past. We find that most of the increase …