Author Archives: Ralph De Haas

State Ownership and Corporate Leverage around the World

By | June 1, 2022

Corporate indebtedness has risen sharply in the wake of the global financial crisis as low interest rates enticed many firms to issue bonds and borrow from banks. This debt surge occurred in developed countries and emerging markets alike. As a result, the total debt of non-financial companies increased from 84 percent of global GDP in… Read More »

Financial Development and Industrial Pollution

By | September 20, 2018

Courtesy of Ralph De Haas (EBRD) and Alexander Popov (ECB) At the 2015 Paris Climate Conference (COP21), the leaders of the G20 stated their intention to significantly scale up green-finance initiatives to fund low-carbon infrastructure and other climate solutions. A key example is the burgeoning market for green bonds to fund projects that save energy,… Read More »