COVID 19 and credit cycle: Evidence for Bulgaria

Q3 Social Sciences Transition Studies Review Pub Date : 2021-02-09 DOI:10.14665/1614-4007-28-1-004

Kamelia Assenova

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Abstract

The pandemic of COVID-19 has dramatically affected about every aspect of the economy The credit cycle transforms from the record long benign to a stressed one This paper seeks the access to credit from before the unexpected global health crisis to its immediate and extended impact and the performance of key indicators of the nature of credit cycles The focus is on the non-financial corporate credit market At the end of 2019 the firms increased their debt to take advantage of record low interest rates After the unexpected global health crisis the conditions on the credit market deeply changed From one site, credit has been used by governments as instrument for recovery of economy and it could be expanded the volume of credit From other site, during the pandemic time, the demand of credit increases, but not due to effective new projects By the balance sheet transmission mechanism, credit uses usually as tool to ensure the balance between in-and outflows in the firms during the financial crises The higher demand raises the price of borrow money It is change the position of the non-financial companies at credit market and credit cycle goes to new stage © 2021, Transition Academia Press All rights reserved

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2019冠状病毒病与信贷周期:保加利亚的证据

新冠肺炎的大流行极大地影响了经济的方方面面信贷周期从创纪录的长期良性转变为紧张的信贷周期本文寻求从意外的全球健康危机之前到其直接和长期影响的信贷获取，以及信贷周期性质的关键指标的表现重点关注非金融企业信贷市场2019年底，这些公司增加了债务，以利用创纪录的低利率。在意外的全球健康危机之后，信贷市场的状况发生了深刻变化。在一个网站上，信贷被政府用作经济复苏的工具，它可以扩大信贷量。在疫情期间，信贷需求增加，但不是由于有效的新项目。通过资产负债表传导机制，信贷通常作为确保金融危机期间企业流入和流出平衡的工具。更高的需求提高了借贷价格。这改变了非金融公司在信贷市场的地位，信贷周期进入了新阶段©2021，过渡学院出版社版权所有

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来源期刊

Transition Studies Review Social Sciences-Development

CiteScore

1.30

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0.00%

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期刊介绍： CEEUN-Transition Studies World Applied Research, involving now more than 500 internationally well known members and 95 university departments, institutes and research centres, is engaged in many areas and programs. The scientific interests and fields are covering: Europe and the World, EU enlargement future approach, the European and international economic framework and impact, where it focuses especially on investments, foreign trade, finance, banking, research, innovation and technology, human capital, development, social policies, insurance, international relations and security, monetary policy, environment and climate, culture and society, juridical and law studies, with a regional approach to the issues, peculiarities and critical challenges.

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