inclusion of a broad set of loan-level controls and fixed effects. We also find that the spread between high and low credit …

We study how monetary conditions change the supply by banks of mortgage credit to households. We exploit the widespread … presence of foreign currency mortgages in Hungary and study this country's comprehensive credit registry. Changes in monetary … conditions not only affect the supply of credit in volume, but also in its currency and risk composition. Hence, we establish a …

monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to … house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy … contributed discernibly, but at a late stage to the unsustainable developments in house and credit markets that were observable …