credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

financial crisis. We develop a measure of local credit supply that is based on the market shares of the banks that serve a local … factors). The decrease in our credit supply indicator, which is strongly correlated to the growth of outstanding loans …The paper estimates the effects on the real economy of the sharp reduction in the supply of credit following the 2008 …

In this paper, we use Structural VAR analysis to disentangle credit demand and supply shocks and their eFFect on real … economic activity in Italy during the 2008-2014 crisis period. The three endogenous variables considered are the loan interest … rate, the loans growth rate and the employment to population ratio. The data are observed at annual frequency for each of …