The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk
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We study the distribution of credit during crisis times and its impact on leverage and risk at the firm and macroeconomic levels. We analyze a large-scale COVID-19 public credit guarantee program in Chile, using novel transaction-level credit data matched with tax data. We find that demand drives
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美国国家经济研究局创建时间：
2022-02-01
