The article compares changes in the European Works Councils (EWCs) at Ford and General Motors Europe during the financial and economic crisis. Previously, both were highly active and effective. Although both otherwise displayed quite different characteristics before the crisis, their reactions...

This paper studies how structural transformation exacerbates financial crises. Using newly collected data, I document the persistent effect of credit supply shocks on local economies during the Great Depression. Cities with access to an unusually generous branching network were no different from...