default are sensitive to current economic conditions and housing markets. Credit scores and loan characteristics also play …

to construct quarterly gross credit flows (credit expansion and credit contraction series) for the U.S. banking system … during the period 1999:Q1-2008:Q4 and provide new evidence on changes in lending. We show that credit expansion, as defined … in this paper, began declining during the first half of 2008 while credit contraction began steeply increasing only …

innovation can be applied to closely related environments used elsewhere in the literature that study insurance and credit … markets under limited commitment and private information. The analysis demonstrates clearly how insurance, credit, and money …