Grigoli, Francesco; Mansilla, Mario; Saldías, Martín - 2016
forecasts of macro-financial variables, and projects non-performing loans (NPL) on the basis of such forecasts. Economic … contractions are generally associated with increases in NPL. However, despite the common assumption used in the empirical … literature of homogeneous impact across banks, the strength of this relationship is often bank-specific, and imposing homogeneity …