are expansionary to output and credit growth. But contrary to the model predictions and empirical findings of Blanchard et … impact on output and credit growth if the exchange rate is managed, if the domestic capital market is underdeveloped, if the … Blanchard et al. (2015), non-bond inflows have a positive overall impact on output and credit growth despite receiving …

currency and reduce net exports. Emerging-market policymakers however believe that inflows lead to credit booms and rising … output, and the evidence appears to go their way. To reconcile theory and reality, we extend the set of assets included in …

hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the …. Using the index, the consecutive empirical exercises confirm the positive relationship of safe asset shortage-credit … 1970-2013 presents new evidence that the (high) level of private credit at a time of increasing safe asset shortage is the …

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 …