We study the relation between the credit cycle and macro-economic fundamentals in an intensity-based framework. Using … the credit cycle from the micro rating data. We relate this cycle to the business cycle, bank lending conditions, and … financial market variables. In line with earlier studies, these variables appear to explain part of the credit cycle. As our …

Long-span time series on credit by institutional sectors and industries are not readily available in Denmark. The paper … constructs annual time series for credit to Danish residents by sector and industry 1951-2005 and explores the trends and cycles … in credit during the past five decades. There seems to have been a structural shift in the relationship between growth in …