This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...

This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...

The past two decades have seen substantial deregulation in the financial sectors of most OECD countries. The main motivation was to improve efficiency within the financial system, but the macroeconomic implications might go beyond this objective with impacts on the business cycle and the...