Allen, Franklin; Gu, Xian; Kowalewski, Oskar - 2011 - This Version: April 3, 2011
during both bank crises and market crashes, with the bond market moving the same direction as bank credit. The result …, however, is significant for market-based countries but not significant for bank-based countries. As emerging markets are … mainly bank-based it may provide an explanation why it takes more time for them to recover from economic downturn after a …