The credit crisis of 2008-2009 had substantial effects on the credit risk premiums of bonds issued by U.S. corporations, but bonds issued by corporations based in other countries were largely unaffected.

Question

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The credit crisis of 2008-2009 had a global impact, affecting the credit risk premiums of bonds issued not only by U.S. corporations but also by corporations based in other countries, as the crisis led to a widespread increase in risk aversion among investors.

The Credit Crisis of 2008-2009 Had Substantial Effects on the Credit