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    • Credit bubbles and misallocation 

      Pannella, Pierluca
      2017
      Why are bubbles harmful to the economy? According to a recent literature on rational bubbles, the problem is the burst that causes a misallocation of funds and triggers a recession. This paper proposes a theory of rational ...
    • Informational synergies in consumer credit 

      Hibbeln, Martin; Norden, Lars; Usselmann, Piet; Gürtler, Marc
      2017
    • Money and credit remix 

      Araújo, Luis; Ferraris, Leo
      2018-02-19
      Gu, Mattesini, and Wright (2016) show that credit is irrelevant in a monetary economy with permanent buyer and seller types. In particular, the size of debt limits do not matter for the determination of real allocations. ...
    • The real effects of bank-firm relationships 

      Behr, Patrick Gottfried; Norden, Lars; Oliveira, Raquel de Freitas
      2018-10-31
      We investigate whether and how bank relationships affect real economic activity. We base our analysis on matched credit and labor data from Brazilian firms during 2005-2014. We document that firms with more bank relationships ...
    • Substitution effects in SME finance 

      Norden, Lars; Kampen, Stefan van; Illueca, Manuel
      2018-03-20
      We investigate whether SMEs with demand for credit increase their trade credit usage after they experience a negative shock to bank credit. We base our analysis on a large sample of SMEs from the five biggest European ...
    • The effects of judicial quality on bankruptcy outcomes 

      Moraes, Flávio Luiz Alves Flores de
      2018-12-20
      Esta tese contém três artigos relacionados. Neste trabalho eu investigo empiricamente os efeitos do congestionamento e da morosidade do judiciário sobre o uso e os resultados dos processos de recuperação judicial e falência. ...