to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …

The assumption that remittances are a substitute for credit has been an implicit or explicit theoretical foundation of …

negatively related to credit spreads. Particularly during the financial crisis of 2007-09 and the subsequent European debt crisis …, lending was reduced and we observe that banks requested higher credit spreads. Of particular importance is that market … on net interest income, as well as banks with a high funding liquidity are particularly strongly exposed to market …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …