We investigate the role of firms' credit risk in the onshore transmission of international bond market conditions. We show that reductions in the global price of risk, measured by the excess bond premium, encourage more international bond borrowing by smaller and younger firms. Due to...

Pension systems can influence capital flows by affecting saving and investment. At the same time, the growth of pension fund assets has implications for the depth of financial markets. This paper seeks to shed light on these effects, by highlighting three relevant aspects.First, the stage in the...