Supply and demand responses to financial crises result in fluctuations in credit flow to the private sector. Policy makers concerned with the sustainability and growth of viable firms should disaggregate these responses. Utilising firm level data, this study investigates characteristics of firms...

For U.S. firms from 1988 to 2007, firms with stricter loan covenants had higher firm-level default recovery rates. Covenants were stricter, moreover, when set during downturns in the business cycle. This implies a negative dependence of recovery rates on lagged macroeconomic conditions. That is,...

The correlation analysis was conducted on dynamic of GDP and company failure rate for Poland, Europe and USA for the period 2003-2011; it was found a negative correlation. An analysis was undertaken for the relation between the rate of corporate failure in Poland and the rate of change of overall...

Shipping sector constitutes a sector with special characteristics that considerably differentiate it from the other sub-sectors of international transport. The maximisation of benefits for each one of the special market characteristics form a highly dynamic environment, with high risk of loss of...

This paper is concerned with the role of debt composition on the firm-level investment by raising a main question: whether firms with high foreign currency or short maturity debts have less investment following a financial crisis. This paper finds that firms with more dollar debt have...

Traditionally, underwriting performance is considered to be a function of industry-specific institutions. Using quarterly data from 1974 through 1990, we provide evidence of a long-run link between the general economy and the underwriting performance as measured by the combined ratio. Using...

The paper links money supply to the state budget deficit in the Italian historical context. The process of monetization of government deficit is analysed and is related both to the fixity of the exchange rate and free capital mobility typical of the 1860-1913 period. The empirical evidence...

Firms producing differentiated products have high margins and therefore low risk. As a result firms invest more into developing differentiated products when they perceive risk is high. Higher risk also implies higher product skewness towards more differentiated products and therefore higher...

Section 1 of this work argues the case for full reserve banking. Section 2 explains the flaws in a large number of arguments put AGAINST full reserve, and section 3 explains the flaws in a few arguments put IN FAVOUR of full reserve.

The recent global financial crisis has highlighted the importance of the procyclicality of the financial sector. The procyclicality has transformed banks from mitigation mechanisms to amplifiers of changes in economic activity, potentially affecting financial stability and economic growth. The...