We propose a new model in which relationship-specific supply and demand shocks are non-parametrically identified in bipartite data under mild assumptions. For example, separate heterogeneous supply shocks are identified for each firm to which a bank lends. We show that a simple estimator is...

We assess the feasibility, optimality, and policy implications of Environmental, Social, and Corporate Governance (ESG)-linked or “green” lending in a credit market where banks incorporate such non-financial data in credit allocation decisions. We identify an asymmetric information problem:...

Tong and Wei (2020) study the impact of unconventional monetary interventions on credit markets during the 2008 global financial crisis. They find that stock prices increase on intervention days, particularly for firms operating in sectors perceived to be more reliant on external funding....

This study aimed to examine the long and short-run relationships between credit market development and agricultural production using the Autoregressive Distributed Lags (ARDL) Bounds test for cointegration, as well as the direction of causality by using the Granger causality test. The results of...

It appears to be common wisdom that the basic cause of Thailand's crisis is its extraordinarily weak financial institutions. The article questions this proposition from an empirical viewpoint. It is argued that the facts provided can be better explained in a framework of system change than by...