Dynamic Discouraged Borrowers
利用跨国企业面板数据，研究了借款人受挫状态随商业周期和银行融资产品（定期贷款与信用额度）的动态变化，发现过去的信贷经历和企业风险指标是重要影响因素。
Abstract This paper investigates the intertemporal dynamics of borrower discouragement. Using a cross‐country panel of firms that were resurveyed across the waves of the Survey on Access to Finance of Enterprises, we find that the probability of transitioning into discouragement changes over the business cycle and across bank financing products: term loans and credit lines. Past credit experiences and firm‐level risk indicators are important factors in explaining the probability of being discouraged over time. We also analyse the transitioning out of discouragement, and show that firm‐level improvements in credit history and profit outlook drive the transitioning out of the discouragement state.