Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …

Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …

Episodes of rapid credit growth, especially credit booms, tend to end abruptly, typically in the form of financial … crises. This paper presents the findings of a comprehensive event study focusing on 99 credit booms. Loose monetary policy … stances seem to have contributed to the build-up of credit booms across both advanced and emerging economies. In particular …

Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …