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The Changing Landscape of Corporate Credit

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Abstract

Firms’ access to credit is a crucial determinant of their investment, employment, and overall growth decisions. While we usually think of their ability to borrow as determined by aggregate credit conditions, in reality firms have a number of markets where they can borrow, and conditions can vary across those markets. In this post, we investigate how the composition of debt instruments on U.S. firms’ balance sheets has evolved over the last twenty years.

Suggested Citation

  • Nina Boyarchenko & Leonardo Elias, 2024. "The Changing Landscape of Corporate Credit," Liberty Street Economics 20240521, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:98277
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    More about this item

    Keywords

    corporate credit; bond market; debt maturity;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • F30 - International Economics - - International Finance - - - General
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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