This paper focuses on the critical differences, but also some commonalities, between the EU and three countries in Northeast Asia - the People's Republic of China (PRC), the Republic of Korea, and Japan ‒ in responding to financial crises. The EU's response is naturally multilateral, but the...

This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted...

This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging...

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank characteristics. This allows us to study simultaneously the role that bank and firm weakness had in the credit reduction observed in the euro area during the sovereign debt...

The purpose of this article is to offer an explanation of the predominance of austerity policies in Europe based on distinct crisis narratives and their underlying market metaphors in the discourse profile of German Chancellor Angela Merkel. The methodological approach is a combined discourse...