Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt accumulation episodes in 100 emerging market and...

This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted...

This Forum is dedicated to a discussion of the effects of the global financial and economic crisis on both international trade and trade policy. What changes could be observed in the volume and structure of trade and what transmission channels were involved? Has the international competitiveness...