We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit ows or headcount of new borrowers. We then build on a ow approach to decompose changes in the net …

This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After … building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses … panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our …

This paper proposes a semi-structural approach to identifying excessive household credit developments. Using an … overlapping generations model, a normative trend level for the real household credit stock is derived that depends on four …-aged cohort, and institutional quality. Semi-structural household credit gaps are obtained as deviations of the real household …

This paper develops a theory of the credit cycle to account for recent evidence that capital is increasingly allocated … credit cycle and consider policy implications. …

credit cycles for a sample of emerging market economies (EMEs). Following recent BIS research, we use a state …-space representation of an HP filter augmented with a measure of the credit gap to estimate finance-adjusted output gaps. We measure the … domestic and global credit gaps as the deviation of private-sector real credit growth and net capital flows to EMEs from long …

loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …

of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer …

We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find … that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth … tends to be followed by deeper recessions, we also find that credit growth has a positive impact on the duration of …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is …