Is credit expansion a sign of desirable financial deepening or the prelude to an inevitable bust? We study this question in modern US data using a structural VAR model of 10 monthly-frequency varia
Financial stability is a fundamental prerequisite for sustainable economic growth. Financial markets play a crucial role in mobilizing savings, allocating capital efficiently, managing risks, and faci
Financial stability is a fundamental prerequisite for sustainable economic growth. Financial markets play a crucial role in mobilizing savings, allocating capital efficiently, managing risks, and faci