the credit cycle from the micro rating data. We relate this cycle to the business cycle, bank lending conditions, and …We study the relation between the credit cycle and macro-economic fundamentals in an intensity-based framework. Using … financial market variables. In line with earlier studies, these variables appear to explain part of the credit cycle. As our …

by banks as too risky to lend to, which amplifies the problem of asymmetric information. This paper proposes a holistic …