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

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 risk. The paper analyzes a large-scale program of public credit guarantees in Chile during the COVID-19 pandemic using unique transaction-level data on the demand and supply of credit, matched with...
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Huneeus,Federico; Kaboski,Joseph P.; Larrain,Mauricio; Schmukler,Sergio L.; Vera,Mario.

The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk (English). COVID-19 (Coronavirus)|Paper is funded by the Knowledge for Change Program (KCP)|Policy Research working paper|no. WPS 9937 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/874031644864101145

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