The article examines money, credit, and economic indicators from 1870 to 2008 in 14 countries. It shows that total credit has grown faster than output and money since the 1950s. During financial crises, policymakers have taken more aggressive monetary actions, but the costs of these crises have remained high. The study reveals that rapid credit growth often precedes financial crises, indicating that policymakers should pay close attention to credit dynamics to prevent future crises.