This paper provides evidence that banks cut lending to US borrowers as a consequence of a trade shock. This adverse … reaction is stronger for banks with higher ex-ante lending to US industries hit by the trade shock. Importantly, I document … driven by low-capital banks and lending to firms that are themselves hit by the trade shock. Banks‘ adjustments have adverse …

for this is that the spatial dimension of knowledge production is still only partly understood in the empirical literature … on a recently developed cross sectional-time series data set of US innovation, private and university research and high … knowledge production function analysis at an appropriate level of spatial aggregation (i.e., US metropolitan areas) that has not …