美联储：金融压力下的公司债券发行：全球视角（英文版）

We use a merged global data set of security-level corporate bond issuance and firmlevel financial statement data to show that, in contrast to earlier periods of financial stress, during the COVID pandemic nonfinancial firms around the world were more likely to issue bonds, driven by a boom in local-currency-denominated issuance. We observe a distinct cross-regional difference in the characteristics of issuing firms, finding that in advanced economies issuance during COVID was driven by less r