Bio-E10 is short for the biofuel made up of 90% gasoline in volume and 10% bio-ethanol, which is the ethanol made from commercially-grown crops such as corn and wheat by the sugar fermentation process. In China, bio-E10 will be supplied nationwide from 2020 as an alternative to conventional...

In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...