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 …

financial markets and support the recovery of their economies. Based on a Mises-Hayek-BIS view on credit booms and Mises' law of …

heterogeneity in credit access and usage to study the credit-market, macroeconomic, and business cycle implications of the recent … for fintech intermediaries or lower barriers to fintech credit for unbanked firms. Second, greater fintech entry can have … greater relative volatility in bank credit and consumption. The effects of fintech entry on macro outcomes and volatility …

led to a dramatic expansion in the number of non-traditional credit intermediaries, but the macroeconomic and credit … fintech credit by smaller, unbanked firms. Decreasing entry costs for fintech intermediaries alone has only marginal effects … in the aggregate. While firms that adopt fintech credit are less sensitive to domestic financial shocks and contribute to …

financial markets and support the recovery of their economies. Based on a Mises-Hayek-BIS view on credit booms and Mises’ law of …

Recent empirical evidence on the cross-country synchronization of credit spreads in response to US monetary policy … shocks has led to the notion of an ‘international credit channel' of US monetary policy. This paper provides novel evidence … on the existence of an international credit channel for the transmission of US financial shocks across borders, and …

resources in the form of deposits. Therefore, bank credit needs to be modelled as a monetary phenomenon, which directly fuels … closely resembles that of credit, which allows us to analyse real and nominal consequences of bank credit (and money) creation. …

‐border credit flows. Relying on comprehensive loan‐level data, we find that Fed QE strongly boosts cross‐border credit granted to …

international spillovers of credit cycles. The model features two countries with heterogeneous and financially constrained banks. An … excessive credit expansion in the foreign country may trigger a collapse in its interbank market, resulting in capital flight to … the home country, the magnitude of which increases with the abundance of foreign credit. The capital inflows have a …