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<p>This paper studies the micro-level dynamics of firms’ borrowing during sudden stops. Using data on the universe of loans in the Uruguayan economy, we provide evidence on three channels of transmission driving these episodes: a lender channel, which links borrowing adjustments to the balance sheets of financial intermediaries; a collateral channel, which links these dynamics to changes in collateral values; and a risk channel, which connects them to changes in external risky borrowing costs. We show that the lender channel significantly strengthens during sudden stops, suggesting that the distinctiveness of these episodes, relative to regular business cycles, may lie in acceleration mechanisms tied to financial intermediaries’ balance sheets. Finally, we document that the channels tend to be stronger for unsecured loans and risky firms, suggesting an important role of risk in driving the credit dynamics observed during sudden stops.</p>

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Sudden Stops under the Microscope: Evidence from Uruguay

  • 期刊论文

  • 发表日期：

    2026年3月1日

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  • Cecilia Dassatti,
  • Rodrigo Lluberas,
  • Pablo Ottonello,
  • Diego J. Perez

摘要

This paper studies the micro-level dynamics of firms’ borrowing during sudden stops. Using data on the universe of loans in the Uruguayan economy, we provide evidence on three channels of transmission driving these episodes: a lender channel, which links borrowing adjustments to the balance sheets of financial intermediaries; a collateral channel, which links these dynamics to changes in collateral values; and a risk channel, which connects them to changes in external risky borrowing costs. We show that the lender channel significantly strengthens during sudden stops, suggesting that the distinctiveness of these episodes, relative to regular business cycles, may lie in acceleration mechanisms tied to financial intermediaries’ balance sheets. Finally, we document that the channels tend to be stronger for unsecured loans and risky firms, suggesting an important role of risk in driving the credit dynamics observed during sudden stops.