financial repression in China through the introduction of a money market fund with deposit-like features available through an …

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 …

This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan … banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the … 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 …, compared to large listed firms who can switch between corporate bonds and drawing from credit lines. Second, SMEs borrow …

Information asymmetries are known in theory to lead to inefficiently low credit provision, yet empirical estimates of … to estimate welfare losses arising from asymmetric information in the market for online consumer credit. Building on … price distortions, we find only small overall welfare losses, particularly for high-credit-score borrowers …

-performers drop. The magnitude of this difference implies that an individual lender's credit allocation choices matter for aggregate … larger loans based on prior performance is not efficient. Our results have important implications for credit expansion policy …

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 …