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 …

We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data … on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by … contrary, in settings with well functioning business bankruptcy, the aftermath of credit booms is characterized by moderate …

We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms …

banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U …. Despite this offsetting expansion, the net effect of the contraction in credit was negative, with lower aggregate credit and …

information networks and so extend credit to firms that were too young or small to secure funds from large regional or national …

In this paper, we investigate how personal bankruptcy law affects small firms' access to credit. When a firm is … exemption level, the greater is the incentive to file for bankruptcy. We show that supply of credit falls and demand for credit … credit, they receive smaller loans and interest rates are higher. Results for non-corporate versus corporate firms suggest …

-owned small businesses face constraints in the credit market beyond those faced by white-owned small businesses. First, we present … businesses except that blacks are far more likely to report problems with credit availability. Second, we conduct an econometric … have a loan application denied. Even after controlling for the differences in credit-worthiness and other factors that …

Post-crisis stress tests have altered banks' credit supply to small business. Banks affected by stress tests reduce … credit supply and raise interest rates on small business loans. Banks price the implied increase in capital requirements from … concentrated among risky borrowers. Stress tests do not, however, reduce aggregate credit. Small banks increase their share in …