According to conventional wisdom, banks play a special role in providing liquidity in bad times, while capital markets are used to fund investment in good times. Using micro-data on corporate balance sheets following the COVID-19 shock, we provide evidence that instead, the corporate bond market...

“A fascinating, wholly new, account of the emergence of Japan as a major player in the global economy and politics in the early twentieth century, and New York financier Jacob Schiff's role in funding it, while he boosted the US challenge to the City of London's dominance in world finance.”...