autoregressions in the Czech Republic, Hungary and Poland, in comparison with that in the euro area. These three countries have … Poland and not much less strong than the transmission in the euro area. We discuss various factors that can contribute to …

This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential … significant responses to a monetary policy shock. Shocks to asset prices have a positive, significant effect on GDP and credit …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

Poland show that the credit channel operates. It seems however, that factors through which it affects the aggregate demand …The importance of credit in the monetary transmission mechanism has recently attained a lot of attention due to a … growing understanding that credit market imperfections can have an impact on the monetary policy effectiveness. In this study …

monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to … house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy … contributed discernibly, but at a late stage to the unsustainable developments in house and credit markets that were observable …

This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two … competition among credit intermediaries, resulting in a declining dependence on banks in Germany. …

, the second quarter of 2008, monetary policy was the most powerful in Poland and comparable in strength to that in the euro …