Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea - 2021
to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this … issue using a unique euro-area credit register data, matched with supervisory bank data, and establish two main findings …-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution mainly arises from the lending behavior of …