Giant firms have a hidden borrowing advantage that has helped keep them on top for decades – new research

By Sandy Brian Hager, Senior Lecturer in International Political Economy, City, University of London
Joseph Baines, Lecturer in International Political Economy, King's College London

When the COVID-19 pandemic first hit, it seemed like the day of reckoning for over-stretched corporate borrowers was finally at hand. For years, pundits and policymakers had been warning about a dangerous build-up of the debt of “non-financial firms”, meaning all those that aren’t in finance, insurance or property.

According to an OECD…

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