| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17061 |
| DP17061 The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk | |
| Federico Huneeus; Joseph Kaboski; Mauricio Larrain; Sergio Schmukler; Mario Vera | |
| 发表日期 | 2022-02-22 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk. We analyze a public credit guarantee program in Chile during the COVID-19 pandemic using unique transaction-level data of demand and supply of credit, matched with tax data, for the universe of banks and firms. Credit demand channels loans toward riskier firms, distributing 4.6% of GDP and increasing firm leverage. Despite increased lending to riskier firms at the micro level, macroeconomic risks remain small because of several mitigating factors. We confirm our empirical findings with a model of heterogeneous firms and endogenous default. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations ; Public Economics |
| 关键词 | Bank credit demand Bank credit supply Covid-19 Crises Debt Firm risk Macroeconomic risk Public credit guarantees |
| URL | https://cepr.org/publications/dp17061 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546021 |
| 推荐引用方式 GB/T 7714 | Federico Huneeus,Joseph Kaboski,Mauricio Larrain,et al. DP17061 The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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