In this Policy Briefing, we address two important questions. We look at the drivers of concern about terrorism and find that beyond individual characteristics, it is also affected by the occurrence of terrorism. When distinguishing between permanent and transitory terrorism, the first has a much...

We explore the trajectory of bank loan Terms and Conditions over the business cycle, where the latter is decomposed into its long-run (trend) and short-run (cyclical) components. We find that deterioration of each business cycle component leads to a significant tightening of credit terms and...