the two phenomena by arguing that a shock to bank lending (or more generally to the corporate credit supply) caused a …

side of the credit market had an effect on the economy in its recent slowdown. At this point, the evidence is ambiguous … that also point towards a credit crunch explanation: the development of commercial paper, as a substitute for bank lending … (Tankan), we also document that small firms felt more credit constrained than larger firms until recently in Japan. This …