The magnitude and Cyclical Behavior of Financial Market Frictions

Figure 5

Aggregate Corporate Credit Spreads and Credit Quality

Median BBB 7-10 Years Credit Spread

Note. Medians are weighted by the market value of bonds outstanding. Merrill Lynch data are
for nonfinancial issues only.

Median Expected Year-Ahead Default Frequency

Percent

Note. Medians are weighted by the book value of liabilities. Moody’s/KMV data are for
nonfinancial firms only.

19

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