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Debt Restructuring
Friedman, Benjamin M. - 2000
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...
Persistent link: https://www.econbiz.de/10012471039
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Two Tales of Debt
Kermani, Amir - 2020
We study the nature of debt among US non-financial firms and its determinants. One approach of debt enforcement lends against the liquidation value of discrete assets (such as fixed assets or working capital). Another approach lends against the going-concern value of the business. Using a new...
Persistent link: https://www.econbiz.de/10012481189
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Policy Options for State Pension Systems and Their Impact on Plan Liabilities
Rauh, Joshua - 2010
We calculate the present value of state pension liabilities under existing policies, and separately under policy changes that would affect pension payouts including cost of living adjustments (COLAs), retirement ages, and buyout schedules for early retirement. Liabilities if plans were frozen as...
Persistent link: https://www.econbiz.de/10012462204
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Lessons Unlearned? Corporate Debt in Emerging Markets
Alfaro, Laura - 2017
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...
Persistent link: https://www.econbiz.de/10012455274
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Bankruptcy Resolution and Credit Cycles
Kornejew, Martin; Lian, Chen; Ma, Yueran; Ottonello, Pablo - National Bureau of Economic Research - 2024
We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by severe declines in output, investment, and consumption in...
Persistent link: https://www.econbiz.de/10014576584
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The Economic Consequences of Bankruptcy Reform
Gross, Tal - 2019
exploiting variation in the effects of the reform on bankruptcy risk across credit-score segments. Using a combination of … administrative records, credit reports, and proprietary market-research data, we find that the reform reduced bankruptcy filings, and …
Persistent link: https://www.econbiz.de/10012480198
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Insolvency After the 2005 Bankruptcy Reform
Albanesi, Stefania - 2018
the effects of the reform on bankruptcy, insolvency, and foreclosure, we explore the mechanism generating these responses …The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) is the most important reform of personal … and examine the consequences for households. We find that the reform caused a 50% permanent drop in Chapter 7 filings, a …
Persistent link: https://www.econbiz.de/10012480589
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Means-Tested Mortgage Modification : Homes Saved or Income Destroyed?
Mulligan, Casey B. - 2009
This paper uses the theories of price discrimination and optimal taxation to investigate effects of underwater mortgages on foreclosures and the incentives to earn income, and the degree to which those effects are shaped by public policy. I find that the federal government's means-tested...
Persistent link: https://www.econbiz.de/10012463370
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Bankruptcy Reform and Credit Cards
White, Michelle J. - 2007
reform that led to the adoption in 2005 of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which made …
Persistent link: https://www.econbiz.de/10012465386
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Bankruptcy Policy Reform and Total Factor Productivity Dynamics in Korea
Lim, Youngjae - 2003
, accepted in the court-administered rehabilitation procedures after the post-crisis bankruptcy reform in Korea, had experienced … less persistent problems in the pre-bankruptcy Total-Factor-Productivity (TFP) performances than those before the reform …. The most crucial element of the post-crisis reform in the post-crisis court-administered bankruptcy system is the …
Persistent link: https://www.econbiz.de/10012468888