Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand … unique Euro area bank lending surveys. Embedding this information within a standard VAR model, we find that: (1) the credit … channel is active through the balance-sheets of households, firms and banks; (2) the credit channel amplifies the impact of a …

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 uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in … the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery …

housing markets better than net loans. Moreover, credit supply restrictions during the crisis are estimated to be smaller …

of financial market crisis, i.e. those preceded by a spell of credit and real estate expansions. The aim is to … ; credit booms …

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 …

While regulatory capital buffers are expected to be drawn to absorb losses and meet credit demand during crises, this …-cyclical behaviour to preserve capital ratios. By employing granular data from the credit register of the European System of Central … Banks, we isolate credit supply effects and find that banks with little headroom above regulatory buffers reduced their …