to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …

to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate …-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of the external financing …

After the inception of the euro, the real economy in most member countries remained dependent on credit by domestic …-decker' banking integration exposed domestic banks to sharp declines in cross-border interbank lending during the eurozone crisis. As … shock leading to a sudden stop in cross-border interbank lending in the eurozone is required to account for them. …