This paper provides a theory and evidence for why firms with higher markups extend more trade credit, focusing on a financing cost channel that is distinct from existing competition-based …
Online FirstJournal of Money, Credit and BankingOnline 21 May 2026
Using the November 2017 EU Emissions Trading System reform, which pushed permit prices from about 5 to 20 euros per tonne, and loan-level data from the Italian Credit Registry, this paper asks whether …
Online FirstJournal of Money, Credit and BankingOnline 28 Jan 2026
This paper provides a contract-theoretic rationale for the special liquidity regulation of bank credit lines—a form of lending that has received little attention in the regulatory literature despite …
PublishedReview of Economic StudiesOnline 10 Nov 2025Published Jul 2026
Does corporate income taxation raise or lower corporate leverage? The canonical Modigliani-Miller (1963) view holds that the interest tax deduction makes debt more attractive, predicting a positive …
Measured firm by firm from accounting and stock-market data rather than imputed from national accounts, the marginal product of capital really is higher in poorer countries -- but inflation-adjusted …
PublishedJournal of Monetary EconomicsPublished Oct 2025
The rapid proliferation of cryptocurrency tokens—roughly 10,000 outstanding with a total market capitalization around $3 trillion as of early 2024—raises new questions about the design of token …
PublishedClassicIMF Economic ReviewOnline 14 Feb 2020Published Mar 2020
Across nearly 1,000 listed financial firms in 21 countries, prolonged monetary easing raises leverage -- and for non-US firms, sustained easing in the United States raises leverage by more than easing …