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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INFORMATION
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2022/02/14
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Document de travail de recherche sur les politiques
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WPS9937
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1
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1
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2022/02/14
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Disclosed
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The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk
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credit program
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