business lending during the global financial crisis. The decline in business credit was driven by increased risk overhang … elasticities suggestive of credit rationing (consistent with an increase in lender risk aversion). Nevertheless, we identify a …

Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We … for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations … through diversification. In recent years, the development of markets for credit securitization and credit derivatives has …

Theory of financial intermediation gives contradicting answers to the question whether …

between bank credit and firm-level productivity in the context of different financial markets set-ups, we introduce a model of … overlapping generations of entrepreneurs under complete and incomplete credit markets. Then, we exploit firm-level data for a … group of European countries to explore the relation between bank credit and productivity following the main predictions of …

between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping … generations of entrepreneurs under complete and incomplete credit markets. Then, we exploit firm-level data for France, Germany … and Italy to explore the relation between bank credit and productivity following the main derivations of the model. We …

resources across firms' different business lines. Credit risk is lower when firms write contracts that oblige them to invest …