Firm investment, Intangible assets, Loan terms, Credit constraint, Survey data, Instrumental variable approachUsing …

the European Union member states that have large penetration of bank credit. Building on the model of financially open … increase in private bank credit relative to the gross domestic product (GDP) and the gap between real interest rate and GDP …

We study the relationship between net trade credit and firms' investment levels, focusing on financially distressed … firms. First, we introduce a theoretical model to predict the role played by net trade credit as a coordination device … million firms in 23 EU countries over the period 2004-2014. Our main result is that, whereby net trade credit has an overall …

obtaining credit. Firms that started operating in the informal sector before registering are less likely to engage with the … greater presence of banks that invest more in government debt are more likely to be credit constrained due to crowding out of …