This paper presents an empirical investigation of the role of credit in the post-stabilization consumption booms of … Mexico, Chile, and Israel. Credit from the banking sector to the private sector expanded very rapidly following the … stabilizations. I show that this increase in credit reduced the proportion of consumers that were liquidity constrained in the …

provide modest support for all three hypotheses that there was an increase in toughness during the credit crunch period (1989 …

rates implicit in bond prices. Among potential applications, the framework can be used for pricing and hedging credit …

generating both relatively flat yield spreads when firms have low credit risk and steeper yield spreads when firms have higher … credit risk. …

Savings and Credit Associations. These contracts allow poor agents, previously credit rationed, access to credit. As a result …