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Weathering the Storm: Who Can Access Credit in a Pandemic?

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Abstract

Credit enables firms to weather temporary disruptions in their business that may impair their cash flow and limit their ability to meet commitments to suppliers and employees. The onset of the COVID recession sparked a massive increase in bank credit, largely driven by firms drawing on pre-committed credit lines. In this post, which is based on a recent Staff Report, we investigate which firms were able to tap into bank credit to help sustain their business over the ensuing downturn.

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  • Gabriel Chodorow-Reich & Olivier M. Darmouni & Cooperman Harry & Stephan Luck & Matthew Plosser, 2020. "Weathering the Storm: Who Can Access Credit in a Pandemic?," Liberty Street Economics 20201013a, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:88865
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    Keywords

    liquidity provision; macro-finance; credit; financial constraints; loan terms; banking; credit lines; COVID-19;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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