relies on distortionary taxation and decides between full debt repayment and costly default. It tends to overborrow due to … close-to-default states. These bailouts can lead to an increase in the mean debt price and a lower default probability that … public debt never decreases in the long-run when bailout loans are available. …

relies on distortionary taxation and decides between full debt repayment and costly default. It tends to overborrow due to … close-to-default states. These bailouts can lead to an increase in the mean debt price and a lower default probability that … public debt never decreases in the long-run when bailout loans are available. …

also related to their level of individual and/ or household debt. In contrast to a growing literature that links financial …

information, debt, and later migration were incompatible with systematic fraud. …

boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between … external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better …

We explore the relationship between gambling and other forms of risk-taking behaviour, i.e. exposure to debt and the …

households affected by such programs. We analyze the impact of the Texas Enterprise Zone Program on household debt and …

Using detailed micro data, we document that households often use "stimulus" checks to pay down debt, especially those … otherwise standard incomplete markets model. Because interest rates rise with debt, borrowers have increasingly larger … incentives to use an additional dollar to reduce debt service payments rather than consume. Using our calibrated model, we then …