, even in a within-bank analysis. Second, we develop a model of PPP allocation through banks that is consistent with the data …. We show that research designs based on bank or regional shocks in PPP disbursement, common in the empirical literature …, cannot directly identify the overall effect of the program. Bank targeting implies that these designs can, at best, recover …

acquisition of bank credit pre-Covid-19 but was oflimited influence in post-Covid-19 lending behaviour. Banks treated SMEs that …

. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate … sector for many countries is indeed granular, as the right tail of the bank size distribution follows a power law. We then … concentration is associated with a positive and significant relationship between bank-level credit growth and aggregate growth of …