When governments opt for financial repression policies, credit mismatch becomes more prevalent. This may lead some non-financial firms with excessive loans to financialize their operations and undertake shadow banking activities, that is, entrusted loans. Using all listed Chinese firm's...

We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s-2007), and recent substantial increase (2008-2011) can all be interpreted using a parsimonious `buffer stock' model of optimal consumption in the presence of...

To what extent does the availability of credit depend on monetary policy? And, does this relationship vary with bank characteristics? Based on a common source of balance sheet data for the four largest economies of the euro area over the period 1999-2011, we uncover three main regularities....

We provide a micro-empirical link between the large literature on credit and house prices and the burgeoning literature on macroprudential policy. Using loan-level data on Irish mortgages originated between 2003 and 2010, we construct a measure of credit availability which varies at the borrower...

Numerosos estudios, tanto teóricos como empíricos, han puesto de manifiesto que la calidad del marco institucional tiene efectos sobre el funcionamiento del mercado de crédito. Una cuestión menos tratada por la literatura ha sido el efecto que tiene sobre el desarrollo de este mercado el...