This paper proposes a theoretical framework to analyze the relationship between credit shocks, firm defaults and volatility, and to study the impact of credit shocks on b[...]

This paper focuses on the emergence of China as a global force in the world economy and investigates how changes in trade patterns between China and the rest of the world[...]

The international business cycle is very important for Latin America’s economic performance as the recent global crisis vividly illustrated. This paper investigates how c[...]

Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and[...]

This paper examines the role of bank credit in modeling and forecasting business cycle fluctuations, and investigates the international transmission of US credit shocks, [...]