Credit risk in banks’ exposures to non‐financial firms

The authors are thankful to Giorgio Gobbi, Valerio Vacca, Antonio Di Cesare and Francesco Columba for their time and effort in reviewing the paper, and to Carmelo Salleo and Alessio De Vincenzo, who co‐ordinated the ESRB Expert Group on Sectoral Risk where a prototype of the work was prepared. Special thanks to Marco Orlandi for providing the authors with constructive comments and references, and to participants at the 2015 Banking Research Network workshop at the Bank of Italy in Rome and participants at the 2016 EFMA Annual Meeting in Basel. Furthermore, the authors are grateful to two anonymous referees and to the Editor John Doukas for helpful suggestions and comments. The views expressed in this paper are solely those of the authors and do not necessarily reflect those of the Bank of Italy or of the Eurosystem. All errors are our own.