loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then …

We study the synchronization of credit booms and busts among 12 major European economies and the United States between … 1972-2011. We propose a regression-based procedure to test whether boom-bust phases of credit cycles coincide across … countries and to cluster countries with positively synchronized credit cycles. We find strong evidence against the existence of …

show that this increase in credit risk can be largely attributed to an increase in the rate at which new and fast …