ratio since the crisis reflects bottlenecks in the provision of bank credit and (2) the tightened loan supply has been more …

initial share of bond- relative to bank-based finance; this effect weakens, and may even reverse, in economies with a low … when bank lending contracts. …

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in … strong determinants of credit rejections, in the crisis period bank weakness made it harder to obtain external finance for …

businesses who already have access to bank credit. Firms use FinTech to obtain long-term unsecured loans and reduce their … increase leverage and substitute long-term bank debt with FinTech debt. Our findings suggest that FinTech allows firms to … preserve financial exibility, reduce their bank dependence and exposure to banking shocks. …

bank credit conditions for issuer firms, both at the firm-bank and firm level. We compare new loans granted to issuer firms … bank loans of the same maturity than non-issuer firms, suggesting an improvement in their bargaining power with banks. In … addition, issuer firms reduce the amount of used bank credit but increase the overall amount of available external funds …

deviations of in ation from the central bank's objective; and, second, a reduced speed of adjustment. Putting a reformed debt …