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Knightian Uncertainty and Credit Cycles
2017The Great Recession has been characterised by the two stylized facts: the buildup of leverage in the household sector in the period preceding the recession and a protracted economic recovery that followed. We attempt to explain these two facts as an information friction, whereby agents are uncertain about a new state of the economy following a ...
Gerba, Eddie, Żochowski, Dawid
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Equity, Credit and the Business Cycle
SSRN Electronic Journal, 2011Both domestic economies and financial markets are affected by cycles that are often represented through multi-state models such as Markov Switching models. This article discusses the performances associated to the government bond, the equity and the credit cases along the business cycle, using both an European and a US dataset over the 1987-2010 period.
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The synchronization of credit cycles
Journal of Banking & Finance, 2017Abstract This paper proposes a simple econometric procedure to test for the synchronization of credit cycles. Using a century of data for 14 advanced economies, we find that credit cycle synchronization dropped in the early 1920s from initially relatively high levels.
Barbara Meller, Norbert Metiu
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Bankruptcy Resolution and Credit Cycles
SSRN Electronic JournalWe study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by severe declines in output, investment, and consumption in environments with poorly functioning business bankruptcy ...
Kornejew, Martin +4 more
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Corporate Strategic Aggressiveness, Credit Cycle and Debt Default
, 2021Guo Jing, Z. Xinmin
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CFA Institute Conference Proceedings Quarterly, 2007
The credit cycle is dormant, not dead. The structured credit markets have caused spreads to remain unusually tight, but credit fundamentals are sound: Corporate balance sheets are strong, and profits are on the rise. Therefore, the market is responding in rational, if unexpected, ways.
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The credit cycle is dormant, not dead. The structured credit markets have caused spreads to remain unusually tight, but credit fundamentals are sound: Corporate balance sheets are strong, and profits are on the rise. Therefore, the market is responding in rational, if unexpected, ways.
openaire +1 more source
The Japanese Economic Review, 1998
This paper presents two dynamic models of the economy in which credit constraints arise because creditors cannot force debtors to repay debts unless the debts are secured by collateral. The credit system becomes a powerful propagation mechanism by which the effects of shocks persist and amplify through the interaction between collateral values ...
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This paper presents two dynamic models of the economy in which credit constraints arise because creditors cannot force debtors to repay debts unless the debts are secured by collateral. The credit system becomes a powerful propagation mechanism by which the effects of shocks persist and amplify through the interaction between collateral values ...
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Liquidity Risk, and Maturity Management over the Credit Cycle
, 2017Atif R. Mian, João A. C. Santos
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Does the Credit Cycle Have an Impact on Happiness?
International Journal of Environmental Research and Public Health, 2020Tinghui Li, Junhao Zhong
exaly