) in 2011. We find that US firms experience a reduction in credit lines but not in term loans from EU banks. In addition …, US firms are able to compensate for the reduction in credit lines from EU banks by securing liquidity facilities from US …

ratio since the crisis reflects bottlenecks in the provision of bank credit and (2) the tightened loan supply has been more …

ratio since the crisis reflects bottlenecks in the provision of bank credit and (2) the tightened loan supply has been more …

Productive firms can access credit markets directly by issuing corporate bonds or by borrowing through financial … intermediaries. In this paper, we study the cyclical properties of corporate credit provision through these two types of debt … instruments in major advanced economies. We argue that the cyclicality of corporate credit is closely related to the cyclicality …