trends: Was there a structural change in firms’ demand for credit after 1993? Are there systematic differences in the … developments in credit? The evidence presented delineates a rather clear picture. At national level the demand for loans was stable …

bank loans, using a sample of over 50,000 individual lines of credit granted by Italian banks. Two empirical models are … singling out the direct effect of the presence of guarantees on credit risk. The empirical results show that real guarantees … problems. Controlling for borrowers� characteristics, both real and personal guarantees reduce ex-ante credit risk. …

effect on the level of bank credit. Second, countries with a German legal origin have higher ratios of loans to GDP than …

the fiscal regime when the signaling effect on credit ratings is larger (that is, when a sufficiently large stock of debt … the credit rating function and we successfully test it on Irish, Belgian, and Danish data from the late 1970s to the early …