exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a … recapitalizing or by deleveraging. By deleveraging, banks transform the initial shock into a credit crunch, and, to the extent that … some firms depend on bank credit, amplify and propagate the shock to the real economy. I find that redistribution and other …

We estimate a reduced-form model of credit risk that incorporates stochastic volatility in default intensity via …

likely facilitated by, among other factors, a loosening of credit terms related to OTC derivatives and securities financing … transactions. However, little or no systematic data on these trends were available at the time. The new Senior Credit Officer … new survey provides qualitative information about changes in credit terms and conditions across the entire range of these …