can cause a credit boom, which significantly increases its leverage. As is shown, the decisive role monetary policy plays …

area slowed down dramatically, bringing the economy close to a credit crunch. It was only after the start of the European … comprises several measures of financial access, such as credit availability, financial constraints, and interest rates. The …

area slowed down dramatically bringing the economy close to a credit crunch. It was only after the start of the ECB … measures of financial access such as credit availability, financial constraints and interest rates. The micro level nature of …

employ global public and private credit components of Herwartz, Ochsner, and Rohloff (2021) in factor-augmented vector …-autoregressions to trace credit shocks through the real economy (output, inflation and unemployment). Specifically, two components of … global credit boost the business cycle and lower unemployment in the short-run, namely government credit demand and business …

dynamics generate periods of growing aggregate credit volumes and falling credit standards even in the absence of "financial … shocks." Falling credit standards in turn lead to excess risk exposure in the aggregate, precipitating future crises. The … credit cycle is triggered by low interest rates, and longer booms lead to sharper crises. Saving gluts and expansionary …

This paper develops a theory of the credit cycle to account for recent evidence that capital is increasingly allocated … credit cycle and consider policy implications. …

. Using a variable for newly issued credit instead of the outstanding stock of credit, the effects on bank lending are smaller …

macroeconomic effects of the credit deepening process observed in Latin America in the last decade - most notably in Brazil. In the … model, a stylized banking sector intermediates credit from patient households to impatient households and entrepreneurs …. Motivated by the Brazilian experience, we allow the credit constraint faced by households to depend on labor income. Our model …

quantify the macroeconomic effects of the credit deepening process observed in many Latin American (LA) countries in the last … decade, most notably in Brazil. In the model, a stylized banking sector intermediates credit from patient households to … impatient households and firms. The key novelty of the paper, motivated by the Brazilian experience, is to model the credit …