credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping … generations of entrepreneurs under complete and incomplete credit markets. Then, we exploit firm-level data for France, Germany … and Italy to explore the relation between bank credit and productivity following the main derivations of the model. We …

with credit constraints. Saving constraints in the form of fixed costs to use the financial system lead households to seek … informal saving instruments (cash) and result in lower aggregate saving. Credit constraints induce misallocation of capital … model using survey data from a developing country where informal saving and credit constraints are pervasive. Our …

Does hedging motivate CDS trading and does that affect the availability of credit? To answer these questions we couple … comprehensive bank-firm level CDS trading data from the Depository Trust and Clearing Corporation with the German credit register … containing bilateral bank-firm credit exposures. We find that following the Small Bang in the European CDS market, extant credit …

Credit derivatives allow creditors to transfer debt cash flow rights to other market participants while retaining …

European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data … conditions of small firms. In countries with more pronounced reductions in cross-border credit inflows, the likelihood of a rise …