This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

core variable is identified: the degree of financial innovation. This is an endogenous variable within the endogenous money/credit …

This study provides evidence of the relationship between credit and real activity in Central America and the Dominican … Republic. We address the empirics of the link between credit and real activity for the case of a group of developing countries … with limited financial markets where bank credit is the main source of external finance for the private sector. We compile …