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What is responsible for the easing of credit standards before the crisis: monetary policy or the savings glut?

Adrian Penalver ()

Rue de la Banque, 2016, issue 25

Abstract: This Rue de la Banque compares two explanations for the significant easing of credit standards and risk premia observed before the crisis: the easing of monetary policy and the increase in global savings (the famous “savings glut” of Ben Bernanke). The results of our modelling show that only the savings glut appears to explain the pre-crisis behaviour.

Date: 2016
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