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This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
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to test to what degree the financing patterns were steady during the observed period (2001-2012). Specifically, in … notion in Poland. Our results show that financing patterns changed importantly during the last 20 years, which manifests …
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