Credit Reallocation, Deleveraging, and Financial Crises
研究了金融危机前后企业间信贷再配置过程的变化，发现1997年危机前的信贷繁荣伴随再配置放缓，而危机后的去杠杆阶段再配置却显著加剧且更顺周期，这种加剧提升了效率。
Abstract This paper studies how the process of reallocation of credit across firms behaves before and after financial crises. Applying the methodology typically used for measuring job reallocation, we track credit reallocation across Korean firms for over three decades (1980–2012). The credit boom preceding the 1997 crisis featured a slowdown of credit reallocation. After the crisis and the associated reforms, the creditless recovery (deleveraging) masked a dramatic intensification and increased procyclicality of credit reallocation. The findings suggest that the intensification of reallocation was efficiency‐enhancing.