We derive a measure of loan supply shocks from proprietary bank-level information on credit
standards from the euro area Bank Lending Survey (BLS) controlling for both …

We document a considerable increase in foreign financing by the corporate sector in
emerging economies (EMEs) since the early 2000s, mainly in the form of bond issuance …

While episodes of financial distress are followed by large and persistent drops in economic
activity, structural time series analyses point to relatively mild and transitory effects of …

We employ a multi-factor analysis from both a firm-specific (microeconomic) and market-
specific (macroeconomic) perspective to examine the determinants of credit default swap …

This paper analyses the determinants of euro area non-financial corporate bonds since the
early 2000s, so as to gauge deviations from the law of one price. We decompose the spread …

Insurgency and guerrilla warfare impose enormous socio‐economic costs and often persist
for decades. The opacity of such forms of conflict is an obstacle to effective international …

In recent years, early warning indicators and real estate—as an increasingly relevant asset
class—have received more and more attention in German insurers' investment strategies …

We study optimal monetary policy in a New‐Keynesian Dynamic Stochastic General
Equilibrium (DSGE) model with a credit channel and relationship lending in banking. We …

In this paper, we study the role of systemic risk in predictions of macroeconomic shocks in
four major countries, namely the United States, Japan, South Korea, and China. We propose …

We evaluate whether corporate credit-spreads measures contain predictive information
about the real US economy in a comprehensive specification that includes financial sectors' …