, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net … the bank credit market). Along the macroeconomic dimension of these gross flows, we document four cyclical facts. First …, the volatility of borrower inflows is two times as large as the volatility of obligors exiting from the credit market …

In standard error correction models GDP and credit share a long-run cointegration relationship with causality running … from GDP to credit. The models are inconclusive about the question whether credit has also a positive impact on GDP. A … reason for the mixed effects is the dual nature of credit, having a potential for both supporting economic growth and …

, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net … the bank credit market). Along the macroeconomic dimension of these gross flows, we document four cyclical facts. First …, the volatility of borrower inflows is two times as large as the volatility of obligors exiting from the credit market …

We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit flows or headcount of new borrowers. We then build on a flow approach to decompose changes in the net …

We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit flows or headcount of new borrowers. We then build on a flow approach to decompose changes in the net …

and therefore the firm’s ability to borrow, in the presence of credit market imperfections. How the business cycle is … the topic of this paper. We find that the fluctuations in the supply of credit that result from this may significantly … Cycles ; Credit Market Imperfections ; Loan Supply …