We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters … credit allocation, captured by Greenwood and Hanson (2013)'s ISS indicator, helps predict downside risks to GDP growth and … systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a …

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit …

aggregate capital raising activity. The analysis of four distinct markets generates patterns consistent with credit supply …