determining the probability that an economy experiences a credit-less recovery, following a recession. The investment–savings gap … determines the need for “external” finance of the private sector in the form of either bank credit or capital market financing …. Using a broad dataset covering 96 countries and 272 recovery episodes, we provide empirical evidence that credit …

variables in this analysis, the now infamous credit to GDP chart. We compare the conclusions reached in the literature after the … crisis with the results that could have been drawn from an ex ante analysis. We show that, even though credit affects the …

term spreads and credit spreads, we find that the illiquidity measure proposed by Amihud (2002) has strong power in …

This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After … building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses … panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our …

firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in … addition, better access of small firms to credit markets in the wake of state-level banking deregulation during the 1980s seems … better access to credit markets may have made it easier for the owners of small firms to smooth income in the face of adverse …