This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates … studies while we uncover new facts on disaggregated loans and deposits. During the crisis the cyclical behavior of short term … interest rates, loans and deposits remain stable but we identify unusual dynamics of longer term loans, deposits and longer …

This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates … studies while we uncover new facts on disaggregated loans and deposits. During the crisis the cyclical behavior of short term … interest rates, loans and deposits remain stable but we identify unusual dynamics of longer term loans, deposits and longer …

VAR model with excess credit growth and control variables (interest rate and inflation) over two periods, 1954 … credit growth and GDP volatility changed between the two periods, controlling for the stance of monetary policy, for … inflation, and for the endogeneity of credit to growth (as well as for other endogeneities). Results from Granger causality …

combined with strong growth of credit to asset markets, in asset prices and in credit relative to output are all indicators of … the Great Moderation credit growth is driven more by past credit growth and less by output growth (Allen and Gale, 2000 … the hypothesis. This invites a reinterpretation of the Great Moderation. Our methodology may help understand when a credit …

prices and in credit relative to output. The distribution of credit shifted towards the financial and real estate sectors … stability was destabilizing. We explore this interpretation by testing the Allen and Gale (2000) bubble feature that credit … growth was driven more by past credit growth and less by output growth. We test this distinguishing between credit to asset …

five different country pairs in the post-Bretton-Woods era. We find evidence for the symmetry of the cointegration space …, which is of practical importance as it allows for the identification of the cointegration vectors in much smaller systems …