In this paper, we use Structural VAR analysis to disentangle credit demand and supply shocks and their eFFect on real … ex post the structural shocks. The empirical findings suggest a more important role of credit supply shocks in shaping … the level of real economic activity. Furthermore, the results show that credit crunch hits the North of Italy less than …

This paper investigates the role of bank credit in predicting U.S. recessions since the 1960s in the context of a … bivariate probit model. A set of results emerge. First, credit booms are shown to have strong positive effects in predicting … declines in the business cycle at horizons ranging from six to nine months. Second, I propose to isolate the effect of credit …

What are the stylized facts that characterize the dynamics of credit booms and the associated fluctuations in macro … credit booms to data for 61 emerging and industrial countries over the 1960-2010 period. We identify 70 credit boom events …, half of them in each group of countries. Event analysis shows a systematic relationship between credit booms and a boom …

that excessive credit growth, credit cycles, and bank failures are phenomena related to distinct patterns of banks …

Credit constraints that link a private agent's debt to market-determined prices create a systemic credit externality … negative income shocks that trigger a binding credit constraint. Quantitatively, the credit externality causes a modest …

Minsky, which attributes financial crisis to credit-intensive booms. This paper investigates the relationship between credit … data on global countries from 1969 to 2017 from the World Bank. We discover a U-shaped relationship between credit growth …

This study investigates the impacts of credit supply on economic growth and financial crisis. Excess credit supply can … make the economy and financial markets more vulnerable. While credit supply can drive economic growth by reallocating … in the case of a negative shock to the financial or real sector in a system where credit is excessively supplied …