bank loans more than young firms when facing liquidity shortages. This is consistent with previous studies indicating that …

This paper studies the effect of the 2008 financial crisis on trade credit and bank credit for a sample of 1982 firms … other hand bank credit stays stable for the first 2 years of the studied period (2006-2010), increases when the crisis …

firm-level Spanish data we find that credit constrained SMEs depend on trade credit, but not bank loans, and that the … intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on bank …

is more reliance on trade credit versus short-term bank financing in environments characterised by higher legal … structure of the banking system, the relative use of trade credit compared to short-term debt increases with the weight of bank … countries with high bank concentration. During the global financial crisis, the relative use of trade credit increased compared …