on productivity or investment, zombies may also cause negative financial spillover effects, where zombies receive credit … whether they cause spillovers on healthy firms’ credit conditions, focusing on two variables: new credit and interest rates …. Contrary to existing findings, our results indicate that zombie firms pay higher interest rates and receive less new credit …

, we offer new empirical evidence that credit declines during a recession primarily because of the reduction in the net … the bank credit market). Along the macroeconomic dimension of these gross flows, we document four cyclical facts. First …, the volatility of borrower inflows is two times as large as the volatility of obligors exiting from the credit market …

We estimate a multivariate early-warning model to assess the usefulness of private credit and other macro … in particular global credit growth are strong predictors of domestic vulnerabilities. Moreover, domestic credit variables …

measured as volatility spillovers in respective credit risk markets. Our unique intraday CDS dataset allows for precise …

While some credit booms are followed by economic underperformance, many are not. Can lending standards help separate … good credit booms from bad credit booms contemporaneously? To observe lending standards internationally, I use information … HY share is procyclical, suggesting that lending standards in bond markets are extrapolative. Credit booms with …