The Loan Covenant Channel: How Bank Health Transmits to the Real Economy
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We document the importance of covenant violations in transmitting bank health to non-financial firms using a new supervisory data set of bank loans. Roughly one-third of loans in our data breach a covenant during the 2008-09 period, providing lenders the opportunity to force a renegotiation of loan
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美国国家经济研究局创建时间：
2017-10-01
