main explanation is the rapid growth in credit card debt, which rose from 3.2% of U.S. median family income in 1980 to 12 … provided debtors with a relatively easy escape route from debt, since credit card debt and other types of debt could be … increase the supply of credit. The paper examines the determinants of an optimal bankruptcy law. It also considers the …

in the financial sector of the U.S. economy. The analysis focuses on contingent liability of bank owners for losses …

aggregate credit risk exceed the cost of implicit transfers to bank debt holders. … conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by … lower credit risk because of other banks' participation. Efficient recapitalization is profitable if the benefits of lower …

the total par amount of corporate bonds has often rivaled the amount of bank loans outstanding, we find that corporate … theories that emphasize the unique role that banks and the credit and collateral channels play in amplifying macroeconomic …

lead to inefficiencies: collateralization and effective seniority of derivatives shifts credit risk to the firm's creditors …

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 …

little credit risk. The borrowing in this model takes the form of a repurchase agreement ("repo") or asset-backed commercial … during the crisis for asset-backed securities with low credit risk once bad news about the underlying cash flows arrived. …