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Wang, Jialan; Yang, Jeyul; Iverson, Benjamin; Kluender, … - 2020

We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates. However, this relationship...

Persistent link: https://www.econbiz.de/10012511297

Global macro-financial shocks and expected default frequencies in the euro area

Castrén, Olli; Dées, Stéphane; Zaher, Fadi - 2008

Modelling the link between the global macro-financial factors and firms’ default probabilities constitutes an elementary part of financial sector stress-testing frameworks. Using the Global Vector Autoregressive(GVAR) model and constructing a linking satellite equation for the firm-level...

Persistent link: https://www.econbiz.de/10011604921

Macroeconomic impact on expected default frequency

Åsberg, Per (contributor); Shahnazarian, Hovick (contributor) - 2008

We use a vector error correction model to study the long-term relationship between aggregate expected default frequency and the macroeconomic development, i.e. CPI, industry production and short-term interest rate. The model is used to forecast the median expected default frequency of the...

Persistent link: https://www.econbiz.de/10003618542

Impact of legislation on credit risk : how different are the UK and Germany?

Schmieder, Christian; Schmieder, Philipp; Kraemer-Eis, … - 2010

The analysis of credit risk and its impacting factors are important topics for the European Investment Fund (EIF, the Fund) as the Fund provides guarantees to financial institutions for portfolios of loans and leases to micro- and small and medium sized-enterprises (SMEs). In this context, the...

Persistent link: https://www.econbiz.de/10011862434

COVID-19 and SME failures

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2020

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-level database. We use a simple model of firm cost minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012392364

The COVID-19 insolvency gap : first-round effects of policy responses on SMEs

Dörr, Julian; Murmann, Simona; Licht, Georg - 2021

COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first … focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap … measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based …

Persistent link: https://www.econbiz.de/10012434436

Bankruptcies during Covid-19 in Italy : an interrupted time-series analysis

Ferri, Valentina; Gallo, Giovanni; Scicchitano, Sergio - 2025

globally. Italy, one of the hardest-hit countries, faced significant risks of business insolvency. This paper empirically … prevented the immediate insolvency of firms, averting a sharp rise in bankruptcies despite severe economic contractions. However …

Persistent link: https://www.econbiz.de/10015395643

Design, structure and implementation of a modern deposit insurance scheme

Bernet, Beat; Walter, Susanna - 2009

Persistent link: https://www.econbiz.de/10003916610

Household balance sheets and economic crisis

Jakubík, Petr - 2011

financial system as well as for the macroeconomy. -- credit cycle ; households' distress ; insolvency ; household default …

Persistent link: https://www.econbiz.de/10009229365

Design, structure and implementation of a modern deposit insurance scheme

Bernet, Beat; Walter, Susanna - 2009

One of the important consequences to be drawn from the course of the financial crisis up to now is the insight that more attention must be paid in the future to the factors of liquidity, liquidity management and liquidity protection. That holds true for the protection of the stability of an...

Persistent link: https://www.econbiz.de/10011706099