Bonis, Riccardo De; Silvestrini, Andrea - Banca d'Italia - 2013
-cycle decomposition of the credit-to-GDP ratio, using annual observations from 1861 to 2011. In order to draw conclusions based on solid … correlation between loans and deposits (relative to GDP) until the mid-1970s, over the last 30 years this link has become more … cycles. Third, taking into account the deviation of the credit-to-GDP ratio from its trend, an acceleration of credit …