Gilchrist, Simon; Mojon, Benoit - National Bureau of Economic Research (NBER) - 2014
We construct credit risk indicators for euro area banks and non-financial corporations. These are the average spreads … reveal that the financial crisis of 2008 has dramatically increased the cost of market funding for both banks and non …-financial firms but had no effect on the credit spreads of financial firms. The 2008 financial crisis also led to a systematic …