Huang, Hui; Shi, Xiaojun; Zhang, Shunming - In: Journal of Banking & Finance 35 (2011) 8, pp. 1859-1878
This paper explores the substitution relationship between trade credit and bank credit, and its counter-cyclic dynamic pattern through economic cycles. We propose a new theoretical model, using a mechanism design method, which predicts the substitution between the two credits and its...