.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during … the 2022-2023 monetary tightening cycle extended less credit to firms. This spillover effect was stronger for available …

light on the distributional consequences at both the individual and regional levels. We find that credit supply factors … are even more pronounced for young and middle-income borrowers who find themselves excluded from the credit market. Also …

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 …

The 'credit channel' theory of monetary policy transmission holds that informational frictions in credit markets worsen … components to monetary policy shocks and describe how the credit channel helps explain the facts. We discuss two main components … credit aggregates are not valid tests of this theory …

market power, or credit risk. Variation in credit risk does materially affect monetary policy transmission to corporate bonds …

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 …

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 …

credit to monetary conditions relative to their domestic competitors, with the differences driven by banks with lower asset … weak support to the existence of supply-side effects in credit markets and suggest that foreign bank entry in emerging … economies may have contributed somewhat to stability in credit markets …

banks in providing credit to smaller borrowers about whom information is least complete and, more generally, support the …