both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on …

being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel … credit rationed and decreases loan size. Furthermore, we find that better judicial enforcement increases the probability of …

used during a credit boom to reduce the expected costs of a financial crisis …

. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or … years. This compares with a roughly 7% probability in normal times, when neither credit nor asset price growth has been … Kindleberger-Minsky view that crises are the byproduct of predictable, boom-bust credit cycles. The predictability we document …

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … transitory income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting … consumption. We first use detailed longitudinal information on debit and credit card transactions, account balances, and credit …