Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit … market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt …, compared to large listed firms who can switch between corporate bonds and drawing from credit lines. Second, SMEs borrow …

private lenders but federally guaranteed, largely eliminating unobservable credit risk as a factor in explaining differential … to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm …

Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery … bankruptcy, increase employment and revenue, unlock private credit, and reduce delinquency. These effects, especially the … crowding-in of private credit, appear to reflect resolving uncertainty about repair. We do not find capital reallocation away …

We study the business cycle consequences of credit supply expansion in the U.S. The 1980's credit boom resulted in … stronger credit expansion in more deregulated states, and these states experience a more amplified business cycle. A new test … greater exposure to credit expansion experience larger increases in household debt, the relative price of non-tradable goods …

first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze commercial bank … macroeconomic controls, economic policy uncertainty affected bank level credit growth, and (ii) whether there is variation in the … on bank credit growth. Since this impact varies meaningfully with some bank characteristics - particularly the overall …