changes in financial intermediaries’ balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

A variety of empirical and theoretical evidence published in recent years suggests that frictions in credit markets are … of the credit view interpretation of this evidence. Special attention is paid to the role of borrowers' net worth. A …

This paper presents a full model of the Credit Channel of the monetary transmission mechanism. In particular, the …

firms accelerate, loan growth. We find that small firms increase trade credit, a substitute credit, indicating a strong loan …-desirable alternative. Using trade credit is propitious since unlike commercial paper (investigated by previous researchers), it is widely … used by the small firms suffering the loan decline. Surprisingly, we also find large firms increase trade credit, a puzzle …

payment risk on bank lending, bridging the literatures on payment systems and credit supply. An interquartile increase in …