-2009 output collapse. To this end, we use three variables: credit stock, credit flow and money supply M1. We find that the changes … created credit than in the case of consumption, which is rather correlated with the whole money supply M1. In conclusion, we … recorded an increase of credit flow along with the GDP. The new flow of money is mostly used for investment and consumption …

, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net … the bank credit market). Along the macroeconomic dimension of these gross flows, we document four cyclical facts. First …, the volatility of borrower inflows is two times as large as the volatility of obligors exiting from the credit market …

In standard error correction models GDP and credit share a long-run cointegration relationship with causality running … from GDP to credit. The models are inconclusive about the question whether credit has also a positive impact on GDP. A … reason for the mixed effects is the dual nature of credit, having a potential for both supporting economic growth and …

, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net … the bank credit market). Along the macroeconomic dimension of these gross flows, we document four cyclical facts. First …, the volatility of borrower inflows is two times as large as the volatility of obligors exiting from the credit market …

We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit flows or headcount of new borrowers. We then build on a flow approach to decompose changes in the net …

We use monthly data on individual loans from the Italian Credit Register over the period from 1997 to 2019 and show … that bank credit expansions in the non-financial private sector are mostly explained by variations in the extensive margin … calculated either in credit flows or headcount of new borrowers. We then build on a flow approach to decompose changes in the net …