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Economic uncertainty and credit risk: Evidence from international corporate bonds

Author

Listed:
  • Valenzuela, Patricio
  • Mella, Javier
  • Claveria, Juan

Abstract

Credit spreads are positively associated with economic policy uncertainty. This association is stronger in developing countries and countries with French-origin legal systems and worse sovereign credit ratings. This relation is also stronger for firms that usually face worse credit conditions.

Suggested Citation

  • Valenzuela, Patricio & Mella, Javier & Claveria, Juan, 2024. "Economic uncertainty and credit risk: Evidence from international corporate bonds," Economics Letters, Elsevier, vol. 237(C).
    • Handle: RePEc:eee:ecolet:v:237:y:2024:i:c:s0165176524001496
    DOI: 10.1016/j.econlet.2024.111666
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    More about this item

    Keywords

    Bond spreads; Credit ratings; Default risk; Uncertainty;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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