In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …

information on a firm's credit demand, we develop a direct measurement for access to credit and provide for the first time an … empirical evaluation of these methods. We find that information on the usage of credit is not sufficient to identify financially …

We study the sensitivity of banks' credit supply to small and medium size enterprises (SMEs) in the UK to banks … branches in the UK, we connect firms' access to bank credit to the financial condition (i.e., bank health and the use of core … deposits) of all bank branches in the vicinity of the firm over the period 2004-2011. Before the crisis, banks' local financial …

Insufficient capital buffers of banks have been identified as one main cause for the large systemic effects of the … of increased bank capital in terms of reduced loans could be substantial, there are good reasons to believe that the … between the capitalization of the banking sector and bank loans using panel cointegration models. We study the evolution of …

Do banks with low capital extend excessive credit to weak firms, and does this matter for aggregate efficiency? Using a … Eurozone financial crisis: (i) Under-capitalized banks were less likely to cut credit to non-viable firms. (ii) Credit … unique data set that covers almost all bank-firm relationships in Italy in the period 2004-2013, we find that, during the …

which regularly queries the firms' assessment of the current willingness of banks to extend credit we estimate the …This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms … probability of a restrictive credit supply policy by time taking into account the creditworthiness of borrowers. Creditworthiness …

This paper uses data from a panel of more than 400 Italian banks for the period 2001-2012 to examine the main …, signalling) or non-discretionary (related to the business cycle). The results suggest that LLP in Italian banks is driven mainly … local banks: since their loans are more collateralised, their behaviour is more strongly affected by supervisory activity …

implies that firms do not perfectly hedge against exchange rate risk and that this risk translates into credit risk for banks … ability to repay their debt. Using loan-level data from U.S. banks' regulatory filings, this paper studies the effect of …

the credit channel via the financial accelerator mechanism. The results show that tax evasion is pro cyclical and …