-housing demand shocks and a range of observed local credit supply shocks. We employ several instrumental variables that plausibly ….6. The regional elasticity estimate suggests that in aggregate, non-credit-supply-induced housing demand shocks can …

This paper analyses the effect of asset prices on credit growth in France and tries to disentangle credit demand and … period, but without credit supply factors being singled out. By contrast, housing price growth has a significant effect … during periods of financial instability only, even after controlling for credit demand effects. These results show that …

Using a new structural model of credit risk based on the normal instead of the lognormal firm value dynamics and market … price implied asset value volatility as the model volatility input, we quantify the value of credit spreads of the four … financial crises of 2008-2009 and 2011, the maximum 5-year bank credit spread among the four largest banks was over 400 basis …

changes in financial intermediaries’ balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

-SII) buffer, on banks' lending and risk-taking behaviour. The O-SII buffer is a macroprudential policy aiming to increase banks … O-SII reduced, in the short-term, their credit supply to households and financial sectors and shifted their lending to … less risky counterparts within the non-financial corporations. In the medium-term, the impact on credit supply is defused …