Darvas, Zsolt - Közgazdaság-tudományi Intézet, Közgazdaság- és … - 2013
Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit … reasons. First, creditless recoveries are much less common in high-income countries, than in low-income countries which are … been only a minor substitution of bank loans with debt securities. Second, creditless recoveries were associated with …