The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk

The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk

This paper studies 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...

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Bibliographic Details
Main Authors: Huneeus, Federico, Kaboski, Joseph P., Larrain, Mauricio, Schmukler, Sergio L., Vera, Mario
Format: Policy Research Working Paper
Language:English
Published: Washington, DC: World Bank 2022
Subjects:
CREDIT PROGRAM; EMPLOYMENT PROGRAM; GUARANTEED LOAN; GUARANTEED LOANS; DEVELOPMENT RESEARCH GROUP; PUBLIC CREDIT; ABSENCE OF GOVERNMENT PROGRAMS; LIQUIDITY SUPPORT TO BANK; RISK-SHARING ARRANGEMENT; MARGINAL RETURN TO CAPITAL; SALES GROWTH; ADVERSE SELECTION; GUARANTEE PROGRAM; FINANCIAL MARKET; NUMBER OF WORKERS; VALUE ADDED; LOW INTEREST RATE; ALLOCATION OF CREDIT; NET WORTH; DEFAULT PROBABILITY; RISK OF DEFAULT; UNEMPLOYMENT INSURANCE FUND; CREDIT GUARANTEE; HIGH DEFAULT RISK; AMOUNT OF CREDIT; HIGHER INTEREST RATE; RISK-WEIGHTED ASSET; AMOUNT OF DEBT; INCREASE IN DEBT; CHANCE OF SURVIVAL; STATE-OWNED BANKS; LOWER INTEREST RATE; PRIVATE SECTOR RESPONSE; LIKELIHOOD OF DEFAULT; LINEAR PROBABILITY MODEL; UNEMPLOYMENT INSURANCE PROGRAM; REAL INTEREST RATE; FIRM IN DEFAULT; BANK'S LOAN PORTFOLIO; EVENT OF DEFAULT; SUPPLY OF CREDIT
Online Access:http://documents.worldbank.org/curated/en/874031644864101145/The-Distribution-of-Crisis-Credit-Effects-on-Firm-Indebtedness-and-Aggregate-Risk
http://hdl.handle.net/10986/37013

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