Three essays on credit-less recoveries

The primary focus of this dissertation is discussing the credit-less recoveries, their characterizing features and leading determinants. Secondly, the thesis delves into the relationship between output and liquidity during economic recoveries by analyzing the relative contributions of demands supply-side drivers of bank lending during credit-less recoveries. Third and final, the thesis examines empirically the relative contributions of aggregate demands channels to credit growth during the recovery phase of this economic cycle.