This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two … competition among credit intermediaries, resulting in a declining dependence on banks in Germany. …

England and HM Treasury in June 2012, with the aim of improving the supply of credit to the UK real economy. Despite the …, and the intention was to provide lenders with a stable source of lower-cost funding to support credit provision to the … 2013 to help identify changes in credit supply from credit demand. Specifically, the change sharpened incentives to lend to …