Despite the economic recovery underway in the United States since 2009, non-residential investment is in a slump. This is really quite surprising after nearly a decade of extremely accommodative monetary policy, reflected in very favourable financing conditions offered to US businesses.
Valentine AINOUZ, Bastien DRUT
Historical empirical evidence shows that credit spreads tend to peak at the end of recessionary periods. Then, credit recovers with rising government bond yields: recovery means improving credit metrics through an increasing cash flow generation. Did it work also in the present cycle?
Valentine AINOUZ, Sergio BERTONCINI, Bastien DRUT