standards and credit risk …

This paper proposes an econometric model to identify unobserved consumer types in the credit market. Consumers choose …-determining random variable. The model is estimated using individual-level consumer credit card information. The parameter estimates and … probability of default than traditional models; hence, it provides evidence of the existence of types in the consumer credit …

We study the nature of sovereign credit risk using an extensive sample of CDS spreads for 26 developed and emerging …-market countries. Sovereign credit spreads are surprisingly highly correlated, with just three principal components accounting for more … than 50 percent of their variation. Sovereign credit spreads are generally more related to the U.S. stock and high …

This paper examines how personal bankruptcy and bankruptcy exemptions affect the supply and demand for credit. While … results using data from the 1983 Survey of Consumer Finances suggest they increase the amount of credit held by high …-asset households and reduce the availability and amount of credit to low-asset households, conditioning on observable characteristics …

We use the information in credit-default swaps to obtain direct measures of the size of the default and nondefault …

This study examines the misallocation of credit in Japan associated with the perverse incentives of banks to provide … additional credit to the weakest firms. Firms are far more likely to receive additional credit if they are in poor financial … allocate credit to severely impaired borrowers primarily to avoid the realization of losses on their own balance sheets. This …