generate the main patterns observed in the sample during and following the Asian crisis, including the ensuing credit …

with a constrained social planner who internalizes these effects. Average debt and leverage ratios are slightly larger in …, Sharpe ratios and the market price of risk are also much larger. State-contigent taxes on debt and dividends of about 1 and …

borrowers’ debt-to-asset ratios are significantly and negatively associated with firms’ access to finance. The use of …

Rapid private sector credit growth in the Middle East, North Africa, and Central Asia has been a result of strong … economic growth, financial deepening, and banks’ willingness to explore consumer credit markets. Economic growth, the initial … ratio of private sector credit to GDP, price volatility, and nonoil exports are found to be significant explanatory …

a negative shock to banks' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and … investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit …. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point reduces …