mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the "bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

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

We identify the effects of changes in financial intermediation, referred to as credit shocks, both from the demand side … heterogeneity in the financial cycles between countries and the role of credit demand and supply shocks during the build up and …

evolution of bank credit. We use a unique loanlevel dataset comprising multiple credit registers from several European countries … and different types of loans, including corporate loans, mortgages and consumer credit. We merge this rich information …) productive firms than firms with high ex ante credit risk, except for banks with low capital. …

O-SII reduced, in the short-term, their credit supply to households and financial sectors and shifted their lending to … less risky counterparts within the non-financial corporations. In the medium-term, the impact on credit supply is defused … that the discontinuous policy change had limited effects on the overall supply of credit although we find evidence of a …

contrast to recent findings for the US, we find that in the euro area changes in the supply of credit, both in terms of volumes … and in terms of credit standards applied on loans to enterprises, have significant effects on real economic activity. This … highlights the importance of the monitoring of credit developments in the toolkit of monetary policy and underpins the reasoning …

contrast to recent findings for the US, we find that in the euro area changes in the supply of credit, both in terms of volumes … and in terms of credit standards applied on loans to enterprises, have significant effects on real economic activity ….This highlights the importance of the monitoring of credit developments in the toolkit of monetary policy and underpins the reasoning …