Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship … show that the incidence of inefficient credit termination and subsequent firm liquidation is contingent on the borrower …'s quality and on the relationship bank's information precision. Generally, heterogeneous multiple banking leads to fewer …

enables hysteresis to be taken into account. Hysteresis is likely to show up in unemployment but it can also affect the … capital stock due to the existence of long investment cycles. In the proposed model, hysteresis may affect all the factor … be computed that are hysteresis-free and less prone to volatility. A complementary measure of the output gap that takes …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …

'relationship' bank and 'arm's-length' banks. We find that firm decisions are asymmetrically influenced by the degree of …

value of the bank's inside collateral, this result indicates that empirical studies on debt securization and financial …

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …

Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank … long-term bank-customer relationships. The present paper takes a new look by considering also interactional variables which …