2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had … a high market share, the aggregate flow of small business credit fell, interest rates rose, fewer businesses expanded …, unemployment rose, and wages fell from 2006 to 2010. While the flow of credit recovered after 2010 as other lenders slowly filled …

2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had … a high market share, the aggregate flow of small business credit fell, interest rates rose, fewer businesses expanded …, unemployment rose, and wages fell from 2006 to 2010. While the flow of credit recovered after 2010 as other lenders slowly filled …

Using U.S. data from 1929 to 2013, we show that elevated credit-market sentiment in year t-2 is associated with a … credit-market conditions. That is, when our sentiment proxies indicate that credit risk is aggressively priced, this tends to … be followed by a subsequent widening of credit spreads, and the timing of this widening is, in turn, closely tied to the …

Using U.S. data from 1929 to 2015, we show that elevated credit-market sentiment in year t-2 is associated with a … credit-market conditions. When credit risk is aggressively priced, spreads subsequently widen. The timing of this widening is … credit-market sentiment in year t-2 also forecasts a change in the composition of external finance: Net debt issuance falls …

Using U.S. data from 1929 to 2013, we show that elevated credit-market sentiment in year t – 2 is associated with a … credit-market conditions. That is, when our sentiment proxies indicate that credit risk is aggressively priced, this tends to … be followed by a subsequent widening of credit spreads, and the timing of this widening is, in turn, closely tied to the …

Using U.S. data from 1929 to 2013, we show that elevated credit-market sentiment in year t - 2 is associated with a … credit-market conditions. That is, when our sentiment proxies indicate that credit risk is aggressively priced, this tends to … be followed by a subsequent widening of credit spreads, and the timing of this widening is, in turn, closely tied to the …