This paper analyzes the impact of public credit guarantee schemes on the allocation and performance of bank credit … firm-bank level, with the share and amount of nonguaranteed (private) credit declining for firms that obtain guaranteed … loans, in part reflecting early prepayment of outstanding private credit. Further, banks that grant guaranteed loans are …

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

explain about two-thirds of the variation of bank capitalization over the business cycle. We estimate that provisioning …

We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find … that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth … tends to be followed by deeper recessions, we also find that credit growth has a positive impact on the duration of …

Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the …, financial crises, and slow macroeconomic recoveries: (i) corporate debt accounts for two thirds of the aggregate credit … expansion before crises and three quarters of total nonperforming loans during the bust; (ii) expansions in corporate debt …