inclusion of a broad set of loan-level controls and fixed effects. We also find that the spread between high and low credit …

While theory predicts different effects of household credit and enterprise credit on the economy, the empirical … the different effects of these two components on real sector outcomes. We find that: 1) enterprise credit raises economic … growth whereas household credit has no effect; 2) enterprise credit reduces income inequality whereas household credit has no …

How does gaining access to expensive credit affect the well-being of credit-constrained households? I use plausibly …