beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in … the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies …

mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been successful in stimulating the credit flow of banks to the private sector. Second, we find support for the "bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

may vary across lenders. We find strong evidence that credit tightened in the relatively early stages of the crises caused … domestic banks. The observed decline in credit is greater among high-risk firms and firms with fewer tangible assets. …

smooth transmission of credit to borrowers. While results from the years prior to the crisis often cast doubts on the … provision of credit. We show that new factors, such as changes in banks’ business models and market funding patterns, had …