This study investigates how credit supply shocks impact firm-level investment across the euro area using the novel AnaCredit database. Employing the methodology developed by Amiti and Weinstein (2018), we decompose loan growth rates into four components: bank-specific, firm-specific,...

This study investigates how bank mergers and acquisitions (M&As) reshape the monitoring architecture of syndicated loans and, by extension, borrowers' financing conditions. Using a global panel of 20,299 syndicated loan contracts, originating in 43 countries between 1982 and 2020, we link LPC...

The present paper utilizes AnaCredit loan-level data to examine the impact of regional loan market structure on lending rates. The analysis focuses on newly issued loans to small non-financial corporations in the euro area during the monetary policy tightening phase of 2022 and 2023. The...

We analyze the dynamic effects of ECB monetary policy surprises on newly originated mortgage credit across the household income distribution using loan-level data from the French national credit registry. We find a distinct U-shaped pattern in mortgage borrowing across income groups, with loans...

We study heterogeneity in households' credit across nine European countries (Belgium, Spain, Hungary, Ireland, Italy, Latvia, Lithuania, Portugal, and Slovakia) during 2022-2024 using granular credit register data. We first document substantial between- and within-country variation in mortgage...

We examine how banks' depositor composition shapes lending behavior, using granular supervisory data on deposits, loans, and securities for the largest U.S. banks. Classifying banks by depositor specialization, we find persistent differences in funding that translate to differences in asset...

Does the maturity of the relevant risk-free rate influence the strength of monetary policy passthrough to interest rates on new loans? To address this question, we present novel empirical evidence on lending practices across all euro area countries, using AnaCredit data covering nearly seven...

FinTech-based lending has rapidly expanded in emerging economies, offering convenience and inclusion but also raising concerns about over-indebtedness. In Indonesia, the surge of digital loans has been accompanied by growing signs of risky borrowing behavior, including late payments, high...

We study heterogeneity in households' credit across nine European countries (Belgium, Spain, Hungary, Ireland, Italy, Latvia, Lithuania, Portugal, and Slovakia) during 2022-2024 using granular credit register data. We first document substantial between- and within-country variation in mortgage...

This paper studies the role of collateral using the euro area corporate credit registry, Ana-Credit. We document key facts about the importance, distribution, and composition of collateral, including its presence, types, and values. On average, 70 % of credit amounts are collateralized. Real...

We examine the private information held by nonbank lenders in leveraged loan syndications. In these transactions, lead banks gather information about participant demand through bookbuilding and use it to adjust loan spreads. An upward spread adjustment during bookbuilding strongly predicts the...

Using a novel worldwide dataset of 5,264 syndicated loans issued to 329 firms from 2006 to 2021, we study how climate-related litigation risk affects firm's cost of borrowing. We find robust empirical evidence that firms targeted by climate lawsuits pay significantly higher spreads on their bank...

The EIB Lending Report shows where and how the EIB Group invested in 2024 - by country, sector, and priority - supporting climate, innovation and energy security across and beyond the European Union. It breaks down investment by the EIB Group's two entities, the European Investment Bank and the...

In the mid-1960s, Portugal took five loans from the World Bank for the development of its electric sector. Although they were just a small part of the total Portuguese borrowing at the World Bank, these five loans played an important role in the development of the Portuguese electric sector....

In Latin America, over 50% of the population has relied on loans from family members or friends, reflecting the importance of trust-based networks in response to financial exclusion. This study examines how distrust in the formal financial system influences the use of informal borrowing. Using...

We analyze how entrepreneurs' education affects the relationship between access to bank credit and real outcomes. For identification, we use a sharp discontinuity created by a bank's credit score and the associated loan origination decision, along with exogenous variations in educational...

We examine changes in the corporate tax rate across the U.S. and their implications on the pricing and quantity of loans. We find that the cost of credit decreases (increases) by approximately ten (nine) basis points in response to a one percentage tax cut (hike). The estimates are more...

We show that life insurers have increased their lending in the private placement market over the past decade, totaling $849 billion, or 14%, on life insurers' balance sheets in 2024. A substantial part of the growth stems from private credit extension to financial borrowers and to privately...

This paper provides causal evidence on the effect of credit crunches on political polarisation. Combining data on bank-firm connections and electoral outcomes at the city-level during the 2008-2014 Spanish financial crisis, I construct an instrument for unemployment based on the city-level...

Assessing insolvency dynamics is essential for evaluating the financial health of nonfinancial corporations and mitigating macroeconomic and financial stability risks. This study leverages a newly created Statistics Canada dataset linking insolvency records with firm-level financial data to...