firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in … addition, better access of small firms to credit markets in the wake of state-level banking deregulation during the 1980s seems … better access to credit markets may have made it easier for the owners of small firms to smooth income in the face of adverse …

, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending …. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …

debt and equity capital. Second, the World Bank's Doing Business Database, which provides information on the average cost …

Union. In this paper we introduce liquidity and credit constraints into the BK model and show how these problems can … credit enforcement is prohibitively costly. The theory helps to explain how the three observed phenomena of output decline …