period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles …, financial crises, and slow macroeconomic recoveries: (i) corporate debt accounts for two thirds of the aggregate credit … expansion before crises and three quarters of total nonperforming loans during the bust; (ii) expansions in corporate debt …

A common claim holds that investment treaties reduce the willingness of host countries to regulate foreign … replacement investment. This paper examines these claims in a stylised setting with a stranded investment and a potential … replacement investment, both of which are protected by an investment agreement. The paper shows how treaty protection weakens …