documents a growing role of non-bank financial intermediaries in the provision of credit to NFCs. After exploring supply and … reallocation of credit to other sectors or assets. This could generate greater systemic risk through unsustainable valuations or … macroprudential framework for non-bank financial intermediaries and calls macroprudential authorities to closely monitor the NFC …

We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck … receive PPP loans. About 55 percent of this take-up disparity is attributable to a disparity in application propensity, while …, and the bank approval disparity is also larger in more racially biased counties. We conclude that insofar as automation by …

market-friendly business model and supporting scheme to help SMEs gain access to credit on a sustainable basis. Given the …

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 …

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 …

developing a new methodology to separate firms' credit shocks from loan supply shocks, using a vast sample of matched bank … bank loan supply net of borrower characteristics and general credit conditions - can have large impacts on aggregate loan …-firm lending data. We decompose loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks …

We show that multi-bank loan pools improve the risk-return profile of banks' loan business. Banks write simple …. Thus, banks benefit greatly from diversifying credit risk while limiting the efficiency loss due to adverse incentives. We … present calibration results that the formation of loan pools reduce the volatility in default rates, proxying for credit risk …

Syndication, which is a joint realization of one project/one investment by several capital providers, is a long … model focusing on the dynamic aspect of syndication, namely the know-how transfer between syndication partners and their … unskilled investors (who can gain knowledge). We further demonstrate that sometimes the syndication is impeded because the …

shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show … that the flexibility offered by banks on the terms of their loans and firms’ ability to substitute among alternative …