-dealers when they are more profitable. These results allow for a better understanding of banks' credit risk management. …

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 …

The Basel III regulation explicitly prescribes the use of Hodrick-Prescott filters to estimate credit cycles and … concerns on its fitness for policy use. To investigate this problem we study credit cycles in a panel of 26 countries between …