-2009, we show that firms use the trade credit channel to manage growth. In countries where the trade credit channel is more … financial market imperfections, and therefore more likely to be financially constrained, rely more on the trade credit channel … the trade credit channel for growth. JEL Classification: C23, E44, G32, L25 …

, each other in a trade credit chain, and to quantify the effects of financial contagion across firms. I develop a …

Using a unique data set on trade credit defaults among French firms, we investigate whether and how trade credit is … on trade credit, especially when the shocks are unexpected, firms have little liquidity, are likely to be credit … constrained or are close to their debt capacity. We estimate that credit constrained firms pass more than one fourth of the …

macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …

The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …

restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …