supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4 …) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by …

investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect … financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for …

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons … and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between …

financing have together moved commercial activities-trade and investment-to the center of China-Africa economic relations. While …

This paper explores the dynamic relationship between firm debt and real outcomes using data from 24 European economies … employment growth. The results show that a rise in firm leverage is associated with a persistently higher debt service ratio … to employment growth, but are also pronounced for investment. Moreover, the medium-term decline in firm employment growth …

of corporate debt. Our results suggest that the effect of firms' debt in shaping the response of investment to recessions … is statistically significant and economically sizeable, with high debt firms seeing a larger decline in investment than …This paper estimates the scarring effect of recessions on corporates' investment and how it is amplified by the level …

sub-Saharan Africa has grown. There is some evidence that, since the late 1990s, debt relief has assumed a larger share of … recipient governments, especially in the form of debt relief. Donor harmonization, national ownership of development plans, and …

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on … bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns … high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated …