Ivashina, Victoria; Kalemli-Ozcan, Sebnem; Laeven, Luc; … - 2024
financial crises is slower after a boom in corporate debt, especially when backed by procyclical collateral values, due to … 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 …