of growth induced by financial deepening from crises induced by credit booms. Cross-country panel regressions with five …

shocks and aggregate effects. Exploiting a quasi-exogenous positive shock to credit supply, we document that affected firms …We document a major mechanism – inorganic growth – which drives a wedge between micro-study effects of credit supply …, and the quality of the credit-supply-induced acquisition activity is low. The market for inorganic growth is large …

and firm-specific measures of upstream and downstream exposure, we construct firm-specific exogenous credit supply shocks … and estimate their direct and indirect effects on real activity. Credit supply shocks have sizable direct and downstream … corroborate the importance of network effects in quantifying the real effects of credit shocks and show that real effects vary …

-employee literature. Combining firm-specific measures of upstream and downstream exposure, we construct firm-specific exogenous credit … supply shocks and estimate their direct and indirect effects on real activity. Credit supply shocks have sizable direct and … corroborate the importance of network effects in quantifying the real effects of credit shocks and show that real effects vary …