We estimate the impact of the COVID-19 crisis on business failures among small and
medium size enterprises (SMEs) in seventeen countries using a large representative firm …

We use supervisory loan-level data to document that small firms (SMEs) obtain shorter
maturity credit lines than large firms, post more collateral, have higher utilization rates, and …

We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

Macro-finance analyses commonly link firms' borrowing constraints to the liquidation value
of physical assets. For US nonfinancial firms, we show that 20% of debt by value is based on …

Using matched firm-bank level administrative data for the US, we document new facts on
heterogeneity in firms' financing conditions and quantify its effects on monetary policy …

Literature suggests two contradictory views regarding the impacts of fintech lending on
banks. The competition-instability proponents believe that fintech lending expansion erodes …

The share of secured debt issued (as a fraction of total corporate debt) declined steadily in
the United States over the twentieth century. This stems partly from financial development …

We study the nature of debt among US non-financial firms and its determinants. One
approach of debt enforcement lends against the liquidation value of discrete assets (such as …

This paper studies FinTech platforms' role in SMEs' access to financing using French
administrative data. We show that firms served by FinTech platforms have less tangible …

All countries worldwide faced the COVID-19 pandemic and had to take actions to lower the
economic shock. Financial authorities play an especially significant role in economics and …