Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …

We study the sensitivity of banks' credit supply to small and medium size enterprises (SMEs) in the UK to banks … branches in the UK, we connect firms' access to bank credit to the financial condition (i.e., bank health and the use of core … conditions did not influence credit availability irrespective of the functional distance (i.e., the distance between bank branch …

Theory recommends aligning the tax treatment of debt and equity. A few countries, notably Belgium, have introduced an …

In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

theory model using data on the universe of German multinationals. The empirical analysis largely supports our model in that …