, including the level of policy rates at the time of the release, and risk conditions: government bond yields increase in response … to "good news", but less so when risk is elevated. Risk conditions matter since they can capture the effects of … objectives of central banks, and the effect of news announcements on the risk premium. …

model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm … credit risk. We then test the implications of our model by using a 2005 survey with responses from 9,655 firms in 26 …

We model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk … switch to foreign currency loans, as they do not bear the full cost of the corresponding credit risk. Thus information …

model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm … credit risk. We then test the implications of our model by using a 2005 survey with responses from 9,655 firms in 26 …