Using a unique dataset of more than 2 million Chinese firms that received credit from both
an important big tech firm (Ant Group) and traditional commercial banks, this paper …

We provide evidence that credit lines offer liquidity insurance to borrowers. Borrowers are
able to extensively use their credit lines in recessions and ahead of credit line cuts. In fact …

How do banks transmit long-term central bank liquidity injections to borrowers? We exploit
unique variation in how the ECB's 2011-12 Long-Term Refinancing Operations (LTROs) …

This paper shows that new loans to large borrowers fell by 47% during the peak period of
the financial crisis (fourth quarter of 2008) relative to the prior quarter and by 79% relative to …

This paper examines the role of relationship lending using a data set on small firm finance.
We specifically examine price and nonprice terms of commercial bank lines of credit (L/C) …

This paper develops a network model of interbank lending, in which banks decide to extend
credit to their potential borrowers. Borrowers are subject to shocks that may force them to …

We study pricing and non-pricing features of loan contracts to gauge how the credit market
evaluates a firm's customer-base profile and supply-chain relations. Higher customer …

We identify the firm-level and aggregate effects of the collateral channel using confidential
administrative bank-firm-loan level data that allow us to condition on the pledging of real …

Credit crunches are known to shape the depth and duration of recessions (Campello et
al.(2010); Jordà et al.(2013); Reinhart and Rogoff (2009)), and have been considered a …