panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our … estimated panel probit models suggest that credit-less recoveries are typically preceded by large declines in economic activity …This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After …

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … lending and risk-taking shocks, in contrast, have only a temporary effect on real GDP and tend to lead to a (moderate) rise in … using a model of bank risk-taking and securitization. …

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower … controls and their lags. Then we study how past credit accumulation impacts the behavior of not only output but also other key …

This paper investigates the relationship between bank competition and credit procyclicality for 17 OECD countries on … hierarchical clustering methodology. We then estimate panel VAR models for the identified sub-groups of economies to investigate … whether credit procyclicality is more important when the degree of bank competition is high. Our findings show that while …

business and household investment. The results are then discussed within the context of recent limited participation models …

The aim of this paper is to investigate the relationship between credit and business cycles within a nonlinear … framework. To this end, we rely on the estimation of smooth transition regression models for a sample of 17 OECD countries over … the 1986-2010 period. Our findings show that credit procyclicality is nonlinear, depending on economic conditions. More …

panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our … estimated panel probit models suggest that credit-less recoveries are typically preceded by large declines in economic activity …This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After …

to have a significant effect on economic activity and credit market variables, but to some extent also inflation, in all …

We develop a model of bank lending that allows for credit rationing in equilibrium. Recognizing that small firms incur … a higher percentage cost of monitoring than large firms, the model shows that the incidence of bank credit rationing … consistent with a pattern of a differentially greater degree of rationing of credit to small borrowers during the Great Recession …

This paper investigates the role of credit demand and supply shocks in driving the weakness in UK banks' lending and … vector autoregression analysis to identify separate credit demand and supply shocks in addition to the standard macroeconomic … shocks that are typically analysed in this framework. It finds that credit supply shocks can account for most of the weakness …