This paper investigates the impact of uncertainty on consumer credit outcomes. We develop a local measure of economic … uncertainty capturing county-level labor market shocks. We then exploit microeconomic data on mortgages and credit-card balances … absent and the cost of mortgage credit declines, suggesting that lenders reallocate credit towards safer borrowers when …

in the event of default in the context of a competitive credit market characterized either by moral hazard (MH) or by … the dominant source of asymmetric information. Under MH, conditional on the level of exemption, the cost of credit is … higher for borrowers who are requested to post collateral. Moreover, conditional on posting collateral, the cost of credit …

rights, we find that adoption of ARL increases the likelihood of BCC inclusion. Using credit default swap (CDS) trading as a …