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 …

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 …

We evaluate the impact of the credit conditions facing corporations on their emissions of toxic air pollutants …. Exploiting cross-county, cross-time shale discoveries that generated liquidity windfalls at local bank branches, we construct … that positive shocks to credit conditions reduce corporate pollution …

This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan … banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the … 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 …

How does the large market for credit score improvement products affect consumers and market efficiency? For consumers …, we use a randomized encouragement design on a standard credit builder loan (CBL) and find null average effects on scores … credit activity. CBLs induce delinquency on pre-existing loan obligations, suggesting that even a seemingly modest additional …

Standard economic theory says that unsecured, high-interest, short-term debt — such as borrowing via credit cards and … bank overdraft facilities — helps individuals smooth consumption in the event of transitory income shocks. This paper shows … income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting consumption. We …

The market for corporate credit is characterized by significant seasonal variation, both in interest rates and the …