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 … that the boom was unusually long and associated with neither particularly strong growth nor rising inflation in the …

consider credit demand friction due to agency cost, but it deviates from BGG in that financial intermediaries have to share … contract. Low bank capital position can create strong credit supply contraction, and have a significant effect on business …

augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the … higher growth. Our analysis accommodates costly signalling for gaining credibility and also assigns a novel role to spending …

capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance … find that lower exchange rate volatility is associated with higher growth (for relatively less financially developed … development of the credit to GDP ratio. …

economic crises during the 1990s. We find that the severity of crisis has had a positive impact on the subsequent pace of … economic reform, economic growth and, with a delay, on investment and institutional change. Episode of high inflation, moreover …

von Innovationen, ohnehin durch partielles Marktversagen erschwert, wird durch die Wirtschafts- und Finanzkrise noch …

European countries during the early stages of the 2007-2008 financial crisis. We use survey data on applicant and non … may vary across lenders. We find strong evidence that credit tightened in the relatively early stages of the crises caused … domestic banks. The observed decline in credit is greater among high-risk firms and firms with fewer tangible assets. …

historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We … credit became relatively cheaper. …

The paper presents a model in which credit-constrained firms might delay the adoption of new and more productive … of resources channelled to the credit market, but also indirectly by affecting entrepreneurs’ investment decisions. Along … these lines of reasoning we develop a model of information asymmetries in the credit market in which high costs of …

documents a growing role of non-bank financial intermediaries in the provision of credit to NFCs. After exploring supply and … reallocation of credit to other sectors or assets. This could generate greater systemic risk through unsustainable valuations or …