This paper estimates the exporter premium in bank lending. We examine credit relationships in Germany, covering all loans of more than 1.5 million euro over the period from 2005 to 2010. Having controlled for a wide range of other firm and bank characteristics, our results indicate that...

This paper shows that finance has been a key ingredient of long-term economic growth in OECD and G20 countries over the past half-century, but that there can be too much finance. The evidence indicates that at current levels of household and business credit further expansion slows rather than...