for the G7 countries we find that: i) spillovers between credit growth and GDP growth evolve rather heterogeneously over … time and across countries, and increase during extreme economic events. ii) Spillovers between credit growth and GDP growth … shorty before and on the onset of the global financial crisis, the link between credit growth and GDP growth becomes more …

. Given their size and integration, growth in EM7 could have significant cross-border spillovers. We provide empirical … estimates of these spillovers using a Bayesian vector auto regression model. We report three main results. First, spillovers …. Second, sizeable as they are, spillovers from EM7 are still smaller than those from G7 countries (Group of Seven of advanced …