The paper explores the role, evolution and ruling principles of the concept of "money" in the 21st Century. In this …

For more than seven years interest rates have remained on historically low levels. Yet both credit growth and the … structural factors and policies that dampen the risk of escalating prices and credit expansion on the German housing market. …

This paper investigates the effect of inflation volatility on private sector credit growth. The results indicate that … private sector credit growth is positively linked to the one period lagged inflation volatility. Given that past monetary … positive response of private sector credit growth to past inflation volatility suggests a credible monetary policy regime in …

clearly confirm that the amount of credit in the economy is a very important variable, which can affect economic performance …

A growing body of literature has highlighted two important caveats to the credit-to-GDP gap as advocated by the Bank … for International Settlements (BIS). The first relates to the approach used to normalise credit (i.e. dividing nominal … credit by GDP). In this regard, critics have argued that GDP movements, that may or may not be relevant, run the risk of …

closely resembles that of credit, which allows us to analyse real and nominal consequences of bank credit (and money) creation. … resources in the form of deposits. Therefore, bank credit needs to be modelled as a monetary phenomenon, which directly fuels … monetary institutions and captures banks' institutional ability to create money. Our model features a small open economy with …

The availability of credit has been an issue of particular concern in Germany during the financial meltdown of 2008 … upcoming shortage in lending. This study analyses the existence of a possible "credit crunch" in Germany until the end of 2009 … by utilizing a disequilibrium model. The downward course of credit growth might be due to both weak demand for loans …