This paper provides a theory and evidence for why firms with higher markups extend more trade credit, focusing on a financing cost channel that is distinct from existing competition-based …
Online FirstJournal of Money, Credit and BankingOnline 17 Feb 2026
This paper examines the effects of the Troubled Asset Relief Program (TARP) and the Paycheck Protection Program (PPP)—two government bailout programs during the Global Financial Crisis and the …
PublishedReview of Economic StudiesOnline 28 Nov 2025Published Sep 2026
Crises have cleansing effects—low-quality firms face greater financial shortfalls and invest less than high-quality firms—but public credit support dampens these effects by reducing financing cost …
Online FirstJournal of Money, Credit and BankingOnline 28 Jan 2026
This paper provides a contract-theoretic rationale for the special liquidity regulation of bank credit lines—a form of lending that has received little attention in the regulatory literature despite …