1. Transatlantic mortgage credit boom and bust - the impact of market structure and regulation
2. Competition refers to both competition among banks and competition from financial markets. In order to split our initial sample into two groups, we rank the countries according to the country average Lerner index value and our measure of financial structure. The credit responses depicted on the left correspond to economies where competition in the financial system is weaker, i.e., characterized by low bank competition or bank-based financial intermediation. The low bank competition sub-sample comprises;Note: This figure compares the impulse response functions of credit/bank credit to a one-unit shock in GDP for economies