Credit Risk in the Eurozone. National Bureau of Economic Research. Simon Gilchrist and Benoit Mojon. April 22, 2014.
The authors develop credit risk indicators for banks and non-financial corporations in the euro area, and find that the 2008 financial crisis sharply increased the cost of borrowing for both groups of firms. In contrast, the 2000 dot-com collapse in the United States raised credit spreads for non-financial firms, but did not affect financial firms. [Note: contains copyrighted material].
[PDF format, 52 pages, 860 KB].