This paper studies customer loyalty during aggregate downturns. Exploiting a French reform that restricted trade credit supply as a liquidity shock, we show that liquidity-constrained firms export 4 to 7% less after the 2008-9 trade collapse. Consistent with liquidity-constrained firms investing...

This paper shows that illiquidity in short-term credit markets during the financial crisis may have sharply curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we show that the...

Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the...