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Credit spreads display occasional spikes and are more strongly countercyclical in times of financial stress. Financial … crises are extreme cases of this nonlinear behavior, featuring skyrocketing credit spreads, sharp losses in bank equity, and …
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premium relative to the bond-implied credit spread. In a sample of secured term loans to noninvestment-grade firms, the …' willingness to pay for bank credit and raises questions about the nature of competition in the loan market …
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stressed credit markets and confirms their superior performance in explaining the behavior of Credit Default Swap rates for the …
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The paper extends a standard two-country international real business cycle model to include financial intermediation by banks of loans and government bonds. Taking in household deposits from home and abroad, the loans are produced by the bank in a Cobb-Douglas production approach such that a...
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a significant decline in bank credit to nonfinancial sector and real economic activity. We rationalize these results in …
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