We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in … advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit …, while the U.S. credit cycle leads mainly over the long term …

This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the … not only factors of production, but they also serve as collateral for loans. Borrowers' credit limits are affected by the … prices of the collateralized assets. And at the same time, these prices are affected by the size of the credit limits. The …

competitive credit market only after good shocks. This prediction is shown to be consistent with data on emerging market economies …

We assess the role of external debt in shaping the dynamics of domestic credit cycles. Using quarterly data for 40 … maturity. We show that the first two dimensions provide valuable information about the likelihood of credit booms and busts. In … credit booms. Our results also reveal that credit busts tend to be associated with a lower share of interbank lending and a …

In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

the credit channel via the financial accelerator mechanism. The results show that tax evasion is pro cyclical and …

institutional feature of the Italian credit market that generates a sharp discontinuity in the allocation of comparable firms into … credit risk categories. Using loan-level data, we show that during the expansionary phase of the cycle, banks relax lending … the cycle, the abrupt tightening of lending standards leads to the exclusion of substandard firms from credit. These firms …