dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … banking relationships. Credit terms however become softer, but there are no real effects. Securitization implies a credit …While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can …

To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and … resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …

compensation for borrowers' credit risk under absence of arbitrage opportunities and I use these rates as a benchmark to interpret …

This paper finds strong empirical support of a positive, although quite lagged, relationship between rapid credit … growth and loan losses. Moreover, it contains empirical evidence of more lenient credit terms during boom periods, both in … shareholders regarding the incentives of the former to engage in too expansionary credit policies during lending booms. The paper …

This paper develops a flexible and computationally efficient model to estimate the credit loss distribution of the … allowed to depend on macroeconomic conditions as well as on unobservable credit risk factors, which can capture contagion …. We apply our model to the Spanish credit market, where we find that sectorial default frequencies are affected by a …

firms with different access to credit, finding that credit constraints may reverse the countercyclicality of R&D, even if it … countercyclical and, unlike R&D investment, credit constraints seem not to affect their cyclical behaviour. Investments in other …