productivity was the shock that initiated the household debt boom and bust. The credit supply view is supported by four facts … in aggregate household debt. Fourth, the default crisis was driven mainly by lower credit score individuals. The view … that credit played only a passive role in explaining the rise in household debt and the subsequent default crisis is …

play in this respect focuses on corporate loans rather than on household credit. The improvement of financing conditions … stimulate household credit, in particular consumer loans. Nevertheless, in order to avoid past mistakes, regulators should … continue to develop a framework where consumer loans (and by extension household credit) contributes to the economy in a …

in the event of default in the context of a competitive credit market characterized either by moral hazard (MH) or by … the dominant source of asymmetric information. Under MH, conditional on the level of exemption, the cost of credit is … higher for borrowers who are requested to post collateral. Moreover, conditional on posting collateral, the cost of credit …