firms of unobserved credit quality when firms pledge collateral to secure the loans. Loan data from the Spanish Credit … concentration (which is shown to be positively correlated with market power) and with the availability of collateral, although the … increase with the availability of collateral, but the increase is lower for banks operating in more concentrated credit markets …

-cycle model where households face collateral constraints that tie their credit capacity to the value of their houses and examine … extract utility from their homes, landlords that obtain rents, and investors. We show that an economy with tighter collateral …

collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to …

effects. Furthermore, by favoring a faster recovery of investment and collateral values, product market reforms bring forward …

funding. We rationalize this finding in a theoretical model in which costs of asset encumbrance increase collateral haircuts …