The relatively infrequent nature of major credit distress events makes a historical approach particularly useful. Using … a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 … to 2007, examine the extent to which credit distress arises as part of the transmission> of monetary policy, and document …

regional credit view to explain how, due to information costs, regional banking conditions can influence local economic …. We test the empirical relevance of this credit view for the 1983-1990 period using state-level data and find evidence of …

A demonstration that violations of the absolute priority rule exacerbate credit rationing problems by reducing the …

An argument that APR violations exacerbate credit rationing problems by reducing the payment lenders receive in default …