lending can be explained by a shift in credit towards both export-intensive firms and small banks without foreign asset … exposure that have a higher share of exporting firms in their credit portfolio. We also find that German regions where these …

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 …

While the theoretical and empirical finance literature has focused almost exclusively on enterprise credit, about half … of credit extended by banks to the private sector in a sample of 45 developing and developed countries is to households …. The share of household credit in total credit increases as countries grow richer and financial systems develop. Cross …