lending more strongly than non-affected banks. In the second stage, we find that firms whose relationship banks reduce credit … provide much collateral. We document that firms partially offset reduced credit supply by establishing new bank relationships …

lending more strongly than non-affected banks. In the second stage, we find that firms whose relationship banks reduce credit … provide much collateral. We document that firms partially offset reduced credit supply by establishing new bank relationships …

The paper estimates the effects on the real economy of the sharp reduction in the supply of credit following the 2008 … 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 …

During the financial crisis banks faced liquidity shocks, and lending slowed down. The reduction in credit availability … needs; on the other hand, the tightening of credit supply was the result of banks' greater risk-aversion, difficulties in … others: lending to female firms may have suffered more during the crisis than other segments of the credit market. By using …