largest euro area countries over the period 1970 to 2014. We find that credit, the credit-to-GDP ratio and house prices have …

largest euro area countries over the period 1970 to 2014. We find that credit, the credit-to-GDP ratio and house prices have …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon. …

This paper aims to shed light on the role of credit supply shocks in euro area countries during the recent pre … impulse response functions based on the theoretical model by Gerali et al. (2010). The results suggest that credit supply … economy have generally increased since the recent crisis. Moreover, we report evidence that credit supply shocks contributed …

the European Union member states that have large penetration of bank credit. Building on the model of financially open … increase in private bank credit relative to the gross domestic product (GDP) and the gap between real interest rate and GDP …

We identify the effects of changes in financial intermediation, referred to as credit shocks, both from the demand side … heterogeneity in the financial cycles between countries and the role of credit demand and supply shocks during the build up and …

external financial institution can facilitate the access to credit. In particular, we focus on the European Investment Bank … Group (EIBG), which provides (i) specific credit lines to help banks that finance small and medium-sized enterprises (SMEs … overcome the credit crunch. …

evolution of bank credit. We use a unique loanlevel dataset comprising multiple credit registers from several European countries … and different types of loans, including corporate loans, mortgages and consumer credit. We merge this rich information …) productive firms than firms with high ex ante credit risk, except for banks with low capital. …

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …