-2009. The contraction of loans, especially business loans, together with an ongoing recession led to growing fears about an … stemming from recession and supply side factors. Hence, we attempt to disentangle credit supply from demand with a …

-2009. The contraction of loans, especially business loans, together with an ongoing recession led to growing fears about an … stemming from recession and supply side factors. Hence, we attempt to disentangle credit supply from demand with a …

Europe and Russia. Notably, bilateral integration with the eurozone is a key determinant of the strength of spillovers, with … spillovers strongest in non-euro EU countries and weakest in non-EU East European countries. Interestingly, we find … differentiated strength of spillovers to Russia compared to other non-EU East European countries, which we attribute to its fixed …