expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house …

This paper analyzes the impact of public credit guarantee schemes on the allocation and performance of bank credit … during the COVID-19 crisis. We exploit exhaustive loan-level data from the credit register with unique information on the … from banks to which they have larger pre-COVID credit exposures, measured as the share of the firm’s total credit …

bank credit and lending rates. Its findings broadly support the range of loss absorbency suggested by the Financial …