1

2 “... to bias external financing towards debt, thereby increasing financial crisis risk. By contrast, more...”

3 “...Using the 2008-09 global financial crisis, this paper examines the role of different forms...”

4 “...The global crisis of 2008-09 went hand in hand with sharp fluctuations in capital flows. To some...”

5 “... that turned out to be important in the context of the recent financial crisis, the indicators correlate well...”

6 “... during the post-crisis period. Secondly, this has been true for all major sectors, with the exception...”

7 “... crisis, highlighting substantial increases in financial vulnerability in countries that were subsequently...”

8 “...The global financial crisis of 2007-09 and the ensuing sovereign debt crisis in Europe provide...”

9 “... bias in external liabilities towards debt strongly increases the risk of a systemic banking crisis...”

10 “.... For example, a bias in gross external liabilities towards debt has raised crisis risk. The same holds...”

11 “... the wave of fiscal adjustments in the wake of the 2007-09 global financial crisis...”

12 “.... In this framework a positive shock to credit spreads, as seen in the recent crisis, redistributes from capital...”

13 “... "crisis" situation. After controlling for these factors, the paper finds strong econometric evidence...”

14 “... the 1998 crisis, the importance of initial conditions has declined significantly, and is now basically...”