| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29774 |
| 来源ID | Working Paper 29774 |
| The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk | |
| Federico Huneeus; Joseph P. Kaboski; Mauricio Larrain; Sergio L. Schmukler; Mario Vera | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk. Whereas policies can help firms in need of financing, they can lead to adverse selection from riskier firms and higher default risk. We analyze a large-scale program of public credit guarantees in Chile during the COVID-19 pandemic using unique transaction-level data of demand and supply of credit, matched with administrative tax data, for the universe of banks and firms. Credit demand channels loans toward riskier firms, distributing 4.6% of GDP and increasing firm leverage. Despite increased lending to riskier firms at the micro level, macroeconomic risks remain small. Several factors mitigate aggregate risk: the small weight of riskier firms, the exclusion of the riskiest firms, bank screening, contained expected defaults, and the government absorption of tail risk. We quantitatively confirm our empirical findings with a model of heterogeneous firms and endogenous default. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; COVID-19 |
| URL | https://www.nber.org/papers/w29774 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587448 |
| 推荐引用方式 GB/T 7714 | Federico Huneeus,Joseph P. Kaboski,Mauricio Larrain,et al. The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29774.pdf（960KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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