' higher rate of borrowing from fintechs compared to smaller banks is particularly large in places with high racial animus … private lenders but federally guaranteed, largely eliminating unobservable credit risk as a factor in explaining differential … loan from a fintech lender than a traditional bank. Among conventional lenders, smaller banks were much less likely to lend …

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 …, whether they are private SMEs or publicly listed firms. Instead, risk-taking is driven by credit demand since SMEs who lack …

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 …

paper, we study a population with varying entrepreneurial tastes and wealth in a simple general equilibrium model of …, generating wealth effects independent of financing constraints, (2) non-pecuniary entrepreneurs select into small scale firms, (3 …

, and more timely, availability of borrower credit records, as well as the greater ease of processing these may explain the …

-performers drop. The magnitude of this difference implies that an individual lender's credit allocation choices matter for aggregate … larger loans based on prior performance is not efficient. Our results have important implications for credit expansion policy …

2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had …Small business lending by the four largest banks fell sharply relative to others in 2008 and remained depressed through … a high market share, the aggregate flow of small business credit fell, interest rates rose, fewer businesses expanded …

Not all firms have equal capacity to absorb productive credit. Identifying those with higher potential may have large …

growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit … would bring about. We explore this growth mechanism using a large-scale program to expand the supply of credit to small and … medium enterprises in Brazil. Local credit supply shocks generate greater firm entry but also greater exit with no effect on …