separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose … aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of … role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent …

competitive interactions between banks and non-bank lenders (fintech firms). Trust enables lenders to have assured access to …

Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires … that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value …-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance …

The past decade has seen significant changes in the structure of the corporate lending market, with non-bank … institutional investors playing larger roles than they historically have played. These non-bank institutional lenders typically have … higher required rates of return than banks, but invest in the same loan facilities. We hypothesize that non-bank …

. Exploiting cross-county, cross-time shale discoveries that generated liquidity windfalls at local bank branches, we construct …

This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan … interpretation of bank finance as dominating that segment of international financial markets characterized by the most pronounced …

We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages …. We combine administrative data on all firms in Spain with a matched bank-firm-loan dataset on the universe of corporate … loans for 2003-2013 to identify bank-specific shocks for each year using methods from the matched employer …

bank overdraft facilities — helps individuals smooth consumption in the event of transitory income shocks. This paper shows …