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Understanding aggregate default rates of high yield bonds

Author

Listed:
  • Jean Helwege
  • Paul Kleiman

Abstract

The New York-New Jersey region's hard-earned recovery in employment is being overshadowed by ongoing job losses in certain sectors and the prospect of moderating growth in the United States as a whole. Fortunately, several positive trends are bolstering the region's employment picture. Strength in the services sector, a falloff in restructuring, and gains in income point to continuing--though modest--regional job growth in 1996.

Suggested Citation

  • Jean Helwege & Paul Kleiman, 1996. "Understanding aggregate default rates of high yield bonds," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 2(May).
    • Handle: RePEc:fip:fednci:y:1996:i:may:n:v.2no.6
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    Citations

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    Cited by:

    1. Harald Uhlig & Fiorella De Fiore, 2005. "Bank Finance versus Bond Finance: What Explains the Differences Between US and Europe?," 2005 Meeting Papers 618, Society for Economic Dynamics.
    2. Meeks, Roland, 2012. "Do credit market shocks drive output fluctuations? Evidence from corporate spreads and defaults," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 568-584.
    3. Bo Becker & Victoria Ivashina, 2023. "Disruption and Credit Markets," Journal of Finance, American Finance Association, vol. 78(1), pages 105-139, February.
    4. Racheva-Sarabian, Anna & Ryvkin, Dmitry & Semykina, Anastasia, 2015. "The default of special district financing: Evidence from California," Journal of Housing Economics, Elsevier, vol. 27(C), pages 37-48.
    5. Nickell, Pamela & Perraudin, William & Varotto, Simone, 2000. "Stability of rating transitions," Journal of Banking & Finance, Elsevier, vol. 24(1-2), pages 203-227, January.
    6. Roland Meeks, 2009. "Credit market shocks: evidence from corporate spreads and defaults," Working Papers 0906, Federal Reserve Bank of Dallas.
    7. Huong Dang & Graham Partington, 2014. "Rating Migrations: The Effect of History and Time," Abacus, Accounting Foundation, University of Sydney, vol. 50(2), pages 174-202, June.
    8. Ivan Alves, 2005. "Sectoral fragility: factors and dynamics," BIS Papers chapters, in: Bank for International Settlements (ed.), Investigating the relationship between the financial and real economy, volume 22, pages 450-80, Bank for International Settlements.
    9. repec:hum:wpaper:sfb649dp2005-042 is not listed on IDEAS
    10. Sandow, Sven & Friedman, Craig & Gold, Mark & Chang, Peter, 2006. "Economy-wide bond default rates: A maximum expected utility approach," Journal of Banking & Finance, Elsevier, vol. 30(2), pages 679-693, February.

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    Keywords

    Bonds;

    Statistics

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