Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected … bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until … 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We …

There is little evidence on how the large market for credit score improvement products affects consumers or credit … market efficiency. A randomized encouragement design on a standard credit builder loan (CBL) identifies null average effects … on whether consumers have a credit score and the score itself, with important heterogeneity: those with loans outstanding …

This paper identifies a credit-supply contraction that arises endogenously after trade liberalization. Banks with loan … into the World Trade Organization. As a result, they reduce the supply of credit to firms, irrespective of the firm …'s sector of operation. This cut in credit translates into lower employment, investment, and output. Through this mechanism, the …

We study specialized lending in a credit market competition model with private information. Two banks, equipped with …

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 use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck …

-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of …

Over the past two decades, banks have increasingly focused on offering contingent credit in the form of credit lines as …' provision of liquidity insurance in the form of credit lines, their significance in managing corporate liquidity, and the … repay credit lines are put options issued by banks, which are exercised by firms in a correlated manner during periods of …

deterioration in endogenous asset quality, and in the extremis, a credit crunch for the real sector. Given this distributive …