Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael - 2021 - This version: December 2020, first version: August 2019
two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium … medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local … lending markets to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal …