Replication data for: Asymmetric Information and Imperfect Competition in Lending Markets

Gregory S. Crawford, Nicola Pavanini & Fabiano Schivardi
We study the effects of asymmetric information and imperfect competition in the market for small business lines of credit. We estimate a structural model of credit demand, loan use, pricing, and firm default using matched firm-bank data from Italy. We find evidence of adverse selection in the form of a positive correlation between the unobserved determinants of demand for credit and default. Our counterfactual experiments show that while increases in adverse selection increase prices and...
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