In the wake of the 2008-09 financial crisis, a number of European OECD countries introduced credit mediation schemes …, as a new, often temporary mechanism to help ease access to finance by SMEs. This report investigates the nature of credit … mediation and credit review schemes implemented in selected countries (i.e. Belgium, France, Germany, Ireland and Spain) in the …

The Great Recession and the subsequent period of subdued GDP growth in most advanced economies have highlighted the …, and fluctuations in trend GDP growth. In this paper, we put forward an extension of the standard Markov-Switching Dynamic … Factor Model (MS-DFM) by incorporating two new features: switches in volatility and time-variation in trend GDP growth. First …

Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be … crisis will be any different. Moreover, it is argued in this paper that the policy responses to the crisis to date, both … macroeconomic and structural, will not succeed in restoring sustainable growth. Monetary and fiscal stimulus might raise aggregate …

business credit further expansion slows rather than boosts growth. Causality from more credit to slower growth is supported by … exogenous variation in financial size. The empirical analyses point to five factors that link more credit to slower growth: i … rise of household compared with business credit. By contrast, expansions in stock market funding in general boost growth. …