competitive interactions between banks and non-bank lenders (fintech firms). Trust enables lenders to have assured access to …

separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose … aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of … role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent …

Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires … that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value …-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance …

This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan … interpretation of bank finance as dominating that segment of international financial markets characterized by the most pronounced …

Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit … market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt …

We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages …. We combine administrative data on all firms in Spain with a matched bank-firm-loan dataset on the universe of corporate … loans for 2003-2013 to identify bank-specific shocks for each year using methods from the matched employer …