This paper analyzes firms' difficulties in accessing credit before and during the crisis, by focusing on two of their … prospects – favoured access to credit in the period leading up to the financial crisis; during the crisis, instead, credit … credit market, especially for firms with better growth prospects; this result is consistent with the hypothesis that the …

-2009 output collapse. To this end, we use three variables: credit stock, credit flow and money supply M1. We find that the changes … in the credit flow, as percentage of GDP, are the most distinctly correlated with the GDP rate. During the growth … recovery, the credit flow tends to rise in six of the surveyed countries, although the credit stock declines in some cases. On …

This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and … leading indicator for euro area bank credit and real GDP growth. Notwithstanding the short history of the survey, the findings … also suggest that price as well as non-price conditions and terms of credit standards do matter for credit and business …