This paper models a firm's rollover risk generated by conflict of interest between debt and equity holders. When the …

studies conducted in eleven countries to explore liquidity risk transmission. Among the main results is, first, that … explanatory power of the empirical model is higher for domestic lending than for international lending. Second, how liquidity risk … management across global banks can be important for liquidity risk transmission into lending. Fourth, there is substantial …

being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel … credit rationed and decreases loan size. Furthermore, we find that better judicial enforcement increases the probability of …

markets in such an environment. Corporate credit is provided by either a bond market or risk-averse banks. Restructuring of …In many countries, bankruptcy is associated with low recovery by creditors. We develop a model of corporate credit … issuance by high-risk borrowers. This effect is small or absent for safe firms. We find that both predictions hold both cross …

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 … contrary, in settings with well functioning business bankruptcy, the aftermath of credit booms is characterized by moderate …

There is little evidence on how the large market for credit score improvement products affects consumers or credit … market efficiency. A randomized encouragement design on a standard credit builder loan (CBL) identifies null average effects … on whether consumers have a credit score and the score itself, with important heterogeneity: those with loans outstanding …

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … transitory income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting … consumption. We first use detailed longitudinal information on debit and credit card transactions, account balances, and credit …