Discussion Paper

The Changing Landscape of Corporate Credit

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.

Keywords: corporate credit; bond market; debt maturity;

JEL Classification: G32; G15; F30; F44;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2024-05-21

Number: 20240521