arises due to the coexistence of adverse selection in a lemons credit market jointly with high government borrowing. The … collapse of the treasury bills market in the financial crisis of August 1998 triggers a change in banks lending behavior. A …

Credit market freezes in which debt issuance declines dramatically and market liquidity evaporates are typically … observed during financial crises. In the financial crisis of 2008-09, the structured credit market froze, issuance of corporate …

–bust in house prices can generate a boom–bust in credit market and, on the other hand, a boom–bust in credit markets can …, the composition of borrowers worsens and at some point this can generate a crash in credit market. Second, we propose a …

the information asymmetry between market players. Although the P2P platform (Prosper.com) discloses part of borrowers …' credit histories, lenders face serious information problems because the market is new and subject to adverse selection … relative to offline markets. We find that early lenders did not fully understand the market risk but lender learning is …