Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery … bankruptcy, increase employment and revenue, unlock private credit, and reduce delinquency. These effects, especially the … crowding-in of private credit, appear to reflect resolving uncertainty about repair. We do not find capital reallocation away …

the fall in the overall share of informationally sensitive bank lending in credit intermediation. We conclude by examining … pronounced in the later period due to the reduced role of bank balance sheets in credit intermediation. The substitution of bank …The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …

Our research examines the impact of dwindling community bank numbers on community investment and economic development …) originations. Key factors include the local presence of other community banks and the continuity of the consolidating bank …'s presence. Interestingly, the effect remains neutral in underserved or distressed counties and diminishes when a large bank …

.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during …We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U … the 2022-2023 monetary tightening cycle extended less credit to firms. This spillover effect was stronger for available …

bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until …Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected … 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We …

Bank branch density, defined as the number of bank branches to total deposits, has significantly declined over the past …

contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) Empirical work confirms bank-NBFI linkages …In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of …. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having …

banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U …. Despite this offsetting expansion, the net effect of the contraction in credit was negative, with lower aggregate credit and …

2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had … a high market share, the aggregate flow of small business credit fell, interest rates rose, fewer businesses expanded …, unemployment rose, and wages fell from 2006 to 2010. While the flow of credit recovered after 2010 as other lenders slowly filled …

-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 …