We find that the Global Financial Crisis (2007-2009) had an adverse effect on employee mental health. To identify the causal effects of the credit shock, we exploit the plausibly exogenous variation in firms’ need to refinance their long-term debt in 2008, a period when refinancing became more...

This paper finds that lending by state banks is less procyclical than lending by private banks, especially in countries with good governance. Lending by state banks in high income countries is even countercyclical. On the liability side, state banks expand potentially unstable non-deposit...