We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters … credit allocation, captured by Greenwood and Hanson (2013)'s ISS indicator, helps predict downside risks to GDP growth and … systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a …

difficulties, the RGS have become all the more significant as they facilitate credit access for SMEs. However, these societies are … institutions. We analyse the role of re-warranty packages for covering the credit risk of RGSs and also the solvency of these …