We document cross-individual variation in U.S. credit card borrowing costs (APRs) that is large enough to explain … explain APR differences comparable to moving someone from the worst credit score decile to the best …

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 …

We study specialized lending in a credit market competition model with private information. Two banks, equipped with …

, and more timely, availability of borrower credit records, as well as the greater ease of processing these may explain the …

banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the …

Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed …. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads … external financing, dispersion has more profound impacts on aggregate development than single-price credit rationing and yields …

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 …

private lenders but federally guaranteed, largely eliminating unobservable credit risk as a factor in explaining differential … to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm …

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 …