and borrowers ample reason to care whether nonperforming debts are restructured. One implication of the way in which debt … argument is moral hazard, but (unlike in much of the recent literature of emerging market debt problems) what is central here …

This paper compares the equilibrium dynamics of an economy facing an aggregate collateral constraint on external debt … central finding of the paper is that the economy with the aggregate borrowing limit does not generate higher levels of debt …

We analyze the role of debt in persuading an entrepreneur to pay out cash flows, rather than to divert them. In the … first part of the paper we study the optimal debt contract -- specifically, the trade-off between the size of the loan and … the repayment -- under the assumption that some debt contract is optimal. In the second part we consider a more general …

armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …

How do the different elements in the standard bundle of property rights, including those of possession and transfer …, influence the shape of cities? This paper incorporates insecure property rights into a standard model of urban land prices and … density, and makes predictions about investment in land and property, informality, and the efficiency of land use. Our …

Property rights are the most fundamental institution in any society. They determine who has decision-making authority … historians have long recognized the importance of secure property rights for economic outcomes. Other political economy …, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are …