question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential …

hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the …. Using the index, consecutive empirical exercises confirm the positive relationship of safe asset shortage-credit expansion …-2013 presents new evidence that the (high) level of private credit at a time of increasing safe asset shortage is the major …

The purpose of this paper is to assess whether the banking system, over and beyond its credit function, has a …, our regressions confidently support the hypothesis that banks contribute to economic development not only as credit … suppliers but also by facilitating transactions. Specifically, along with the ratio of private credit to GDP, the ratio of …