abroad across different phases of global credit. While the abundant credit in the post global financial crisis period allowed … evidence of regional and domestic credit offsetting this global effect. Furthermore, we find that the reduced access to … real effects of global credit dynamics …

concerns over use (and misuse) of credit default swaps may have created both cyclical and secular opportunities for fixed …

credit cycles for a sample of emerging market economies (EMEs). Following recent BIS research, we use a state …-space representation of an HP filter augmented with a measure of the credit gap to estimate finance-adjusted output gaps. We measure the … domestic and global credit gaps as the deviation of private-sector real credit growth and net capital flows to EMEs from long …

policy. Banks with a large international presence tend to tolerate more their credit risk exposition relative to domestic … insulate better the monetary policy changes from their credit supply than domestic banks. This result is consistent with the …