Credit Risk in the Eurozone

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].


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