. This fact is robust to numerous controls for credit quality, industry, and business owner characteristics. The heavy … reliance on external debt underscores the importance of well functioning credit markets for the success of nascent business …

. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or … years. This compares with a roughly 7% probability in normal times, when neither credit nor asset price growth has been … Kindleberger-Minsky view that crises are the byproduct of predictable, boom-bust credit cycles. The predictability we document …

being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel … credit rationed and decreases loan size. Furthermore, we find that better judicial enforcement increases the probability of …

We develop a tractable dynamic model of credit markets in which lending standards and the quality of potential … can amplify and prolong temporary downturns, affecting lending volume, credit spreads, and default rates. We characterize … constraints naturally incentivize tight lending standards, further amplifying shocks to credit markets …

increases the incentive to create jobs. The transmission mechanism of 'credit shocks' is fundamentally different from the … typical credit channel and the model can explain why firms cut hiring after a credit contraction even if they have not …

. Our results suggest that financial constraints and the availability of credit play an important role in firm …