In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is … acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to … secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises …

This paper examines the effects of Islamic banking on the causal linkages between credit and GDP by comparing two sets … analysis provides evidence of long-run causality running from credit to GDP in countries with Islamic banks only. This is …

characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … current crisis therapies …

outward activity (COA) before the crisis worsened or alleviated the contractionary phases in developing countries. We find … size of the pre-crisis engagement matter: While COA in clearly to financial markets tied sectors implied an aggravation …

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …