Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …

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 …

stock exchanges began to shut down around the world. I attribute the lagging reaction to the complexity of the political … inevitable impact on world financial markets.I also examine the ability of market interventions to mitigate the impact of …

spread around the world. Those playing along are rewarded with high returns because highly leveraged funding drives up prices …