We investigate the influences of local product market competition on the cost of private debt. Our evidence suggests … competition measured by the Herfindahl-Hirschman Index for resident industries. To establish causality, we examine the recognition … competition. We find that the cost of bank loans is lower for firms facing less intense local product market competition after the …

declined by 5.4% and remained lower for several years. The decline in credit supply eventually led to a decrease in the number … credit supply shocks can have persistent adverse effects on labor …

declined by 5.4% and remained lower for several years. The decline in credit supply eventually led to a decrease in the number … credit supply shocks can have persistent adverse effects on labor …