IMF research investigates impact of asset prices on credit growth

International Monetary Fund headquarters

A working paper, released by the International Monetary Fund (IMF) on April 24, examines the impact of asset prices on credit growth in France during the period 1993–2010.

Author Cyril Pouvelle, aims to disentangle credit demand and supply factors. Pouvelle uses bank-level panel data for his research, and concludes that monetary policy should take into account the movement in asset prices due to their impact on the monetary policy transmission through the credit channel.

The research finds macro

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