In those countries, the reduction of the risk premium and perceived policy stability will also encourage credit expansion. While from a macroeconomic point of view all these developments may seem quite  BIS Review 13/2007  3  predictable, there is a fear that both borrowers and lenders in these countries may not have an adequate understanding of the risk they are taking.
Having a richer set of granular data can help internalize the impact of monetary policy actions on wealth distribution and ultimately lead to a more precise modelling of the transmission mechanism. A much longer line of research looks at the impact of wealth or credit constraints on the behavior of households and thus on the transmission mechanism.