This paper evaluates the employment and sales effects of two widely used financial support instruments for small and medium-sized enterprises, interest rate subsidies and credit guarantees, using administrative program data from Kazakhstan matched to the universe of firms. Utilizing staggered...

The study examines how cost of credit, digital finance and bank capital shape MSME lending and performance in Kenya. Using FinAccess 2024 microdata and bank-level panel data (2011-2024), we estimate a control-function Probit, Mundlak Random Effects Logit and System-GMM model. Results show that...

Data from the Central Bank of Kenya show that, in the 12 months to December 2024, the banking sector generated approximately 35.3% of its overall lendingrelated income from the MSME sector, almost half of which was from small and microenterprises (SMEs). During the same period, banks and...

This paper examines the incidence and determinants of credit rationing and borrower discouragement among Kenyan SMEs using firmlevel data from the 2018 World Bank Enterprise Survey. Only about onequarter of firms report no financing obstacles, while the majority face constraints of varying...

This paper examines how monetary tightening transmits to bank credit supply through deposit funding conditions during the 2022-23 cycle. Using a quarterly panel of more than 3,800 US commercial banks, it constructs predetermined exposure indices measuring depositor sophistication, branch...

This paper constructs a novel firm-level measure of geopolitical risk using textual analysis of 130,061 earnings conference call transcripts and examines its impact on firms' reliance on bank-based financing. Using a panel of 4,692 listed firms across 38 countries over 2005-2024, we find that...

This paper studies the effects of stablecoin adoption-crypto-assets designed to maintain a stable value relative to a reference asset-on bank intermediation and the transmission of monetary policy. Using evidence from the rapid expansion of stablecoins combined with confidential granular data on...

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...

Economic benefits of financial inclusion, meaning a broadening access of the population to financial services, have been studied extensively, but less is known about its potential effects on financial stability. We explore the complementarity between credit booms and episodes of rapid expansion...

We investigate the role of government credit in monetary policy transmission, using detailed credit registry data from Brazil. We find that government direct credit can effectively support small and medium-sized enterprises (SMEs) in a tight monetary policy environment, aligning with...

This paper investigates the external drivers of Cambodia’s credit cycles using a dynamic factor model. Results indicate that common global and regional factors explain over 60 percent of credit growth variance, reflecting one of Asia’s highest sensitivities to external conditions. The...

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,...

Partial dollarization is a significant phenomenon in the banking sectors of many developing countries, yet evidence on its spread through bank branch networks remains scarce. This paper investigates interregional capital flows within Cambodia's banking system, characterized by the coexistence of...

In their traditional function, commercial banks engage in recourse loan sales while evaluating clients' creditworthiness and assuming risk. However, banks face regulatory constraints that prevent them from fully exploiting this activity. Loan sales with recourse are treated as deposits, and...

We investigate the structure and evolution of credit growth across Italian provinces. Using an econometric approach based on Random Matrix Theory, we decompose regional credit dynamics into common and idiosyncratic components. We use a longitudinal dataset of credit at the provincial level...

This study investigates the relationship between lending standards and credit dynamics in Albania. Using a unique bank-level dataset from the Bank Lending Standards Survey, we differentiate between newly issued domestic-currency and foreign-currency loans to non-financial corporations. We...

This paper examines supply-side determinants of foreign currency loan issuance in the Armenian banking sector using a loan-level credit registry dataset spanning 2003-2024 - one of the longest single-country microdata samples in this literature. We estimate a binary logit model with bank and...

How does heterogeneity in banks' interest-rate risk exposure shape monetary policy transmission? We develop a quantitative macroeconomic model of heterogeneous banks to answer this question. We establish an irrelevance result: differences in interest-rate risk exposure between fixed- and...

We investigate the structure and evolution of credit growth across Italian provinces. Using an econometric approach based on Random Matrix Theory, we decompose regional credit dynamics into common and idiosyncratic components. We use a longitudinal dataset of credit at the provincial level...

The paper studies how climate policy affects the brown risk premium in bank lending, distinguishing between Scope 1 (direct) and Scope 2 (energy-related) emissions using loanlevel data on new variable-rate corporate loans from 2019-2024 matched with constructed measures of Scope 1 and Scope 2...

We study the distributional consequences of monetary policy-induced credit supply in the German labor market. Firms in relationships with banks that are more exposed to the introduction of negative interest rates in 2014 experience a relative contraction in credit supply, associated with lower...

We study the distributional consequences of monetary policy-induced credit supply in the German labor market. Firms in relationships with banks that are more exposed to the introduction of negative interest rates in 2014 experience a relative contraction in credit supply, associated with lower...

We extend the reference DSGE model used for policy analysis at the NBB with a financial sector, by incorporating multi-period fixed-rate corporate and mortgage loans, an imperfect pass-through from policy rates to the deposit rate, and bank capital re-quirements. Adding multi-period fixed-rate...

Most of peer-to-peer (P2P) online borrowers are small business managers. The learning behavior of borrowers in the P2P market is rarely studied. The aim of this paper is to identify the existence of borrowers' learning behavior in the P2P market using a large sample from renrendai.com, which is...

This study has a twofold objective. The first one is an assessment of the efficiency of monetary and capital-based macroprudential policy, defined as imposing less interest costs to loan borrowers (nonfinancial corporations and households). The second objective of this paper is the assessment of...