This paper evaluates the effect of Chinese monetary policy shocks on credit creation through the shadow banking sector … projection was then estimated, using the surprise measure as an instrument. The results give two key findings: 1) shadow credit …

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 …