procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have … new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments …

spending on several indicators of liquidity, volatility, credit and economic activity. Data from the 2003–2011 period in the … United States, the Euro zone and Canada were used to develop two SVAR models for assessing the national effectiveness and the … international spillovers of monetary and budgetary policies during the credit freeze crisis. While monetary policies caused a …