Trade credit--credit extended by a seller who does not require immediate payment for delivery of a product--is an … important source of funds for business customers. In 1987, such credit accounted for about 15 percent of the liabilities of …' nonmortgage loans from banks. Trade credit apparently is especially important for small businesses: In the same year, it accounted …

as by the IIF (1998) and ISDA (1998), argue that credit risk models should also be used to determine risk … accuracy of the model's forecasts of credit losses. A serious impediment to such model validation is the small number of … forecasts available due to the long planning horizons typical of credit risk models. Using a panel data approach, we propose …

Recent turmoil in U.S. credit markets and its context within international financial markets were the subjects of two …