1870. We find that in advanced economies financial stability risks have come from private sector credit booms and not from …

real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. …

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 …

We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the …) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the …/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in …

fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit provision, lowers asset …

!reased demand for mortgage loans is caused by substitution from other forms of consumercredit. Contrary to results reported in the …