, even though a considerable slowdown in bank lending has been recorded, there has not been a credit crunch. After a first …'s demand for bank loans. An Error Correction Model (ECM) is used – estimated for the pre-crisis period (1998.Q2 – 2007.Q2) and … applied to loans. To test the robustness of the results obtained in the first specification of the model, we remove the …

VAR model with excess credit growth and control variables (interest rate and inflation) over two periods, 1954 … credit growth and GDP volatility changed between the two periods, controlling for the stance of monetary policy, for … inflation, and for the endogeneity of credit to growth (as well as for other endogeneities). Results from Granger causality …

We model the determinants of loans to non-financial corporations in the euro area. Using the Johansen (1992 … Vector Error Correction Model (VECM). We perform a number of specification tests, which suggest that developments in loans to …

combined with strong growth of credit to asset markets, in asset prices and in credit relative to output are all indicators of … the Great Moderation credit growth is driven more by past credit growth and less by output growth (Allen and Gale, 2000 … the hypothesis. This invites a reinterpretation of the Great Moderation. Our methodology may help understand when a credit …

prices and in credit relative to output. The distribution of credit shifted towards the financial and real estate sectors … stability was destabilizing. We explore this interpretation by testing the Allen and Gale (2000) bubble feature that credit … growth was driven more by past credit growth and less by output growth. We test this distinguishing between credit to asset …

This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample … covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic … variables is found. Besides real GDP and prices, this set includes a new measure of the cost of loans obtained as a weighted …

There are a number of econometrics tools to deal with the different types of situations in which cointegration can …