Surveys on the link between financial markets and economic growth routinely cite scores of
distinct papers, 1 and yet the abundance of both theoretical and empirical research on the …

In this paper, we investigate how the COVID-19 health crisis could affect the liquidity of listed
firms across 26 countries. We stress-test three liquidity ratios for each firm with full and …

Abstract The coronavirus (COVID-19) pandemic halted economic activity worldwide, hurting
firms and pushing many of them toward bankruptcy. This paper discusses four central issues …

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 …

Using a dataset covering about 276,998 firms across 75 countries over the period 2004–
2011, this paper examines the short-run evolution of firms' capital structures following the …

Macro-finance analyses commonly link firms' borrowing constraints to the liquidation value
of physical assets. For US nonfinancial firms, we show that 20% of debt by value is based on …

We quantify the role of financial leverage behind the sluggish post-crisis investment
performance of European firms. We use a cross-country firm-bank matched database to …

This article investigates the effect of bank lending frictions on employment outcomes. I
construct a new data set that combines information on banking relationships and …

At the onset of the recent global financial crisis, the workhorse macroeconomic models
assumed frictionless financial markets. These frameworks were thus not able to anticipate …

This paper investigates the mechanisms behind the matching of banks and firms in the loan
market and the implications of this matching for lending relationships, bank capital, and …