include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired … favorable loan package; that it is associated with over-investment even when investment does not create collateral; and that low …

supply and demand for credit. Average loan size and minimum loan size increased strongly, and access to credit worsened for … deepening; Britain’s disappointing growth during the period 1750-1850 may partly reflect the effects of harmful credit market …

lender. We examine the different types of imperfection in the credit market which arise as a consequence of these differences … and draw a distinction between outcomes where credit is rationed (the borrower would wish to borrow more at some interest … rate) and those where credit is restricted (the borrower is able to borrow less than he would be able to were some …

-tech groups and direct information on each firm’s access to bank credit, high-tech firms are found to be more likely to be credit … likely to be due to pervasive credit constraints on innovative firms rather than to cash flow proxying for future … expectations. The paper also sheds light on the main factors affecting the probability of a firm being rationed in the credit …

. Using data on line of credit (L/C) interest rates, collateral requirements, and the firms’ use of fast payment discounts we … collateralization and availability. Firms in financial distress face comparatively high L/C interest rates and reduced credit …

ex-post inefficiencies. This worsens credit rationing, depresses investment and reduces aggregate leverage. Yet, tough … the credit and labour markets, as well as wealth heterogeneity. Soft bankruptcy laws often preclude liquidation, to avoid …

wartime financing on private credit markets. Whenever public borrowing rose above trend, private lending declined markedly. We … conclude that there is considerable evidence that government borrowing, especially during wartime, crowded out private credit …

We study the welfare implications of market power in a model where banks choose between credit rationing and monitoring … borrower’s incentive problem and investment is further reduced below the efficient level. On the other hand, higher market … power induces banks to exert higher monitoring effort and reduces the frequency of credit rationing. Whenever the second …

sovereign debt crisis. Moreover, the interbank market – unlike other credit markets – allows to exploit the price dispersion … from different lenders on identical credit contracts, i.e. overnight uncollateralized loans in the same morning for the …

credit rationing. We explore a novel dataset covering the vast majority of corporates and municipals in emerging nations that …