economic expansion causes housing price appreciation and inflation.The evidence provided in this paper implies that this new …

theories are identified in the literature. Credit creation theory maintains that each individual bank is capable of creating … money out of thin air, while financial intermediation theory models banks as mere financial intermediaries, collecting … deposits that are to be lent out. Fractional reserve theory argues that each individual bank cannot create money but the …

신용에 대한 균형관계는 국제금융위기 기간 불안정성을 보였다. 셋째, Threshold Cointegration 모형을 이용하여 장기균형과의 비선형적 균형조정을 측정하여 균형수렴에 있어 상태 의존적 비선형적 특성을 보였다 …

, multiple loan amount and consumer credit ratings ‒ and systemic risk. We find that an increase in household loans is a leading … indicator of systemic risk. In particular, systemic risk is related more to household loans from non-banks than to those from … banks, and more to unsecured loans than to secured loans. This paper also shows that systemic risk is associated with the …

informative, and furthermore that the systemic risk contribution of an individual bank has a nonlinear relationship with the size …