Do firms use credit line drawdowns to finance investment? Using a unique dataset of 467 COMPUSTAT firms with credit lines, we study the purpose of drawdowns during the 2007-2009 financial crisis. Our data show that credit line drawdowns had already increased in 2007, precisely when disruptions...

Although the global financial crisis of 2008-2009 was the worst economic crisis in over 60 years for many industrial countries, most Asian and Pacific developing countries weathered it quite successfully. The resilience of the region is somewhat puzzling at first sight. In an increasingly...

The issue of optimum bank scope is central to many proposals for banking system reform. For example, a core component of the Dodd-Frank Act (2010) and regulatory proposals in the UK and the EU has been the concept of “ring-fencing” – i.e., restricting banks’ activities to their core...

This paper introduces a new and comprehensive dataset on “alternative” banks in EU and OECD countries. Alternative banks (e.g. ethical, social or sustainable banking) experienced a recent increase in media interest and have been hailed as an answer to the financial crisis but no research...

The main subject of the paper is the issue of granting state aid discussed from the point of view of the most important changes in the European Union competition policy as a result of the global financial crisis. The author makes a review of state aid related to the financial crisis in the...

The financial crisis undoubtedly exerted much pressure on the companies operating in Poland. Thus, it is important to undertake researches that reveal the paths and strength of financial crisis transmission with regard to the business enti-ties. This paper presents partial results of the...

The aim of this paper is to analyze the macroeconomic policy of the Baltic states in response to the financial crisis of the years 2007–2010. The considerations are based on the thesis that the general direction of the macroeconomic policy chosen by the analyzed countries is correct. The...

The prospective normalisation of monetary policies in the main OECD areas will be challenging given that current policy rates are likely to be significantly below neutral levels and that central bank balance sheets will be above the pre-crisis levels by a wide margin. Monetary policy...

Value added tax was introduced in the fiscal system of the Republic of Croatia in 1998 as a flat rate system with a rate of 22 %. Shortly thereafter zero rate and reduced rate of 10% were introduced. Tax rates and their scope have been changing periodically until nowadays when rates are 5%, 13 %...

Long-run inflation expectations should not respond to economic news if the central bank is seen as credibly committed to stabilising inflation. In this paper we find that since the onset of the global financial crisis, medium and long-term inflation expectations implied by inflation swaps in the...