Bank lending in the euro area contracted sharply following the Lehman shock and during the euro debt crisis. Sluggish loan origination is both a symptom and catalyst for economic weakness. Typically, a loan squeeze is a consequence, not cause, of a downturn. During the euro debt crisis, however, banks' balance sheet constraints and rising funding costs featured more prominently.
Boom in corporate bond issuance is driven by substitution and favourable market conditions. We investigate the substitution between weak lending and lush bond markets. Our empirical analysis of 66,000 individual deals shows that rising bank CDS spreads are consistently associated with
Boom in corporate bond issuance is driven by substitution and favourable market conditions. We investigate the substitution between weak lending and lush bond markets. Our empirical analysis of 66,000 individual deals shows that rising bank CDS spreads are consistently associated with
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