IMF research examines ‘borrower effects’ during crisis

IMF headquarters in Washington DC

Research published by the International Monetary Fund (IMF) on January 14 finds that the risk profiles of large borrowers during the financial crisis were an important determinant of overall credit conditions, an effect author Kalin Tintchev says is ignored by many other studies.

Tintchev tests data from 32 advanced and emerging banking systems using an index of credit risk, finding that borrowers with riskier portfolios face much more limited access to credit. A one percentage point increase in

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