tends to be tightened when credit expands. The main empirical results from the analysis, which uses panel vector … autoregression models, are that contractionary macroprudential policy has significant negative effects on credit and output; and that … potential policy conflicts when credit conditions are excessive and the economy is in recession. …

of perfect information on the financial aggregates—future information on credit growth helps improve the prediction …—that is, the growth in credit helps explain the growth in real output in a particular specification of the output model. This … finding, though, is sensitive to the choice of foreign output proxy. In sum, we conclude that while credit may have some …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

sensitivity of these strains to risk sentiment deterioration. Cross-border flows through banks for excess liquidity support … facilities leaves longer-term patterns of cross-border liquidity and capital flows broadly unchanged. While official sector … liquidity hoarding and 'dash for cash' activity are expected to be lower with access to these facilities, initial evidence does …

fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit provision, lowers asset …

fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit provision, lowers asset …

field of economics as historically inaccurate. Further, the orthodox sequence of commodity (gold) money" to credit and fiat … creating and organizing markets. By contrast, this paper locates the origin of money in credit and debt relations, with the …