In this article, we review the rapidly growing literature on the real effects of banks' corporate credit supply. We cover recent methodological advances and provide an in-depth survey of the existing evidence. The literature consistently shows that credit supply contractions lead to adverse real outcomes, but economic magnitudes vary across samples and identification strategies. This variation has become smaller in more recent work, using highly granular data. We further document heterogeneity in firm outcomes and show that the evidence is more ambiguous for expansionary shocks. Our analysis allows us to identify current knowledge gaps and worthwhile avenues for future research.

中文翻译：

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银行企业信贷供给的真实效应：文献综述

在本文中，我们回顾了快速增长的关于银行企业信贷供应实际影响的文献。我们涵盖了最近的方法学进展，并对现有证据进行了深入调查。文献一致表明，信贷供应收缩会导致不利的实际结果，但经济规模因样本和识别策略而异。在最近的工作中，使用高度细化的数据，这种变化变得更小。我们进一步记录了公司结果的异质性，并表明扩张性冲击的证据更加模糊。我们的分析使我们能够确定当前的知识差距和未来研究的有价值途径。