2 See G7 Working Group on Stablecoins (2019), Investigating the impact of global stablecoins, October.
For instance, using a sample that included large public companies, researchers at the Board have estimated external finance premiums of economically significant magnitudes, and they showed that these premiums rose sharply during the 2001 recession, as predicted by the financial accelerator theory (Levin, Natalucci, and Zakrajsek, 2004; Levin and Natalucci, 2005).