deregulation and estimate a large impact of this credit boom on asset prices. However, this direct effect---the focus of most …

fourth, that money-financed fiscal expansion is effective in raising output and inflation, and accompanied with lower credit … monetary policy a complement to or a substitute for macroprudential policy? What is the role of money-financed fiscal expansion …) model featuring deposit issuance via bank credit and endogenous default. We argue that the official policy rate and the …

This paper examines how the materialization of credit defaults affects the real economy. I estimate a DSGE model … including banks, firms and financial frictions using euro area data. The estimation results show that a positive credit default … shock, which is identified as an unanticipated increase in credit default losses, complicates monetary policy because output …

The Kenyan credit market is characterised by imperfections that manifest themselves in imbalances in the form of credit … gaps where supply deviates from its long-run trend. This paper extends the analysis of the credit market adjustment process … that closes the credit gap by estimating a Seemingly Unrelated regression (SUR) model. The empirical results show that the …

credit register from Spain, with the time of a loan application and its granting. When VIX is lower (booms), banks shorten …

This paper studies the relation between the credit-to-GDP ratio and macroeconomic trends. We estimate a long run … equation on a sample of EU countries; our findings suggest that the macroeconomic factors with which the credit ratio … past and future trends. First, we study the evolution of the credit ratio in the past. We find that most of the increase …

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to … answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental … economy being in medium-term equilibrium. Results suggest that the slowdown reflects both return of the credit activity to its …