competition on this choice. We find that competing banks use collateral less often than a monopolistic bank because competition …

extracting the full surplus from projects, so that she inefficiently rejects marginally profitable projects. Collateral mitigates … relatively smaller information advantage face higher collateral requirements, and that technological innovations that narrow the … information advantage of local lenders, such as small business credit scoring, lead to a greater use of collateral in lending …

competition on this choice. We find that competing banks use collateral less often than a monopolistic bank because competition …

collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to …