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-level growth volatility. We find that firms in industries with stronger preference to use long-term finance relative to short …-term finance experience lower growth volatility in countries with better-developed financial systems, as these firms may benefit …-term finance reduces growth volatility in crisis as well as non-crisis periods …
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Until about twenty years ago, the consensus view on the cause of financial-system distress was fairly simple: a run on one bank could easily turn to a panic involving runs on all banks, destroying some and disrupting the financial system. Since then, however, a series of events—such as...
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We provide novel evidence on regulatory and supervisory practices around the world in the context of the global financial crisis, using data from a new World Bank survey covering 143 countries. Analyzing differences between crisis and non-crisis countries, we find that crisis countries had less...
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