Similar Search Results

The Effect of Principal Reduction on Household Distress : Evidence from Mortgage Cramdown

Cespedes, Jacelly C.; Parra, Carlos R.; Sialm, Clemens - National Bureau of Economic Research - 2021

Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 bankruptcy before the Supreme Court disallowed this practice in 1993. We exploit the random assignment of cases to judges to quantify the ex-post effects of Chapter 13 bankruptcy over...

Persistent link: https://www.econbiz.de/10012585384

Economic Consequences of Hospital Closures

Alexander, Diane E.; Richards, Michael R. - National Bureau of Economic Research - 2021

Hospitals anchor much of US health care and receive a third of all medical spending, including various subsidies. Nevertheless, some become insolvent and exit the market. Research has documented subsequent access problems; however, less is understood about broader implications. We examine over...

Persistent link: https://www.econbiz.de/10012599400

Zombie Lending : Theoretical, International and Historical Perspectives

Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - National Bureau of Economic Research - 2022

This paper surveys the theory on zombie lending incentives and the consequences of zombie lending for the real economy. It also offers a historical perspective by reviewing the growing empirical evidence on zombie lending along three dimensions: (i) the role of under-capitalized banks, (ii)...

Persistent link: https://www.econbiz.de/10013190998

Measuring Valuation of Liquidity with Penalized Withdrawals

Coyne, David; Fadlon, Itzik; Porzio, Tommaso - National Bureau of Economic Research - 2022

revealed-preference tool to characterize households' valuation of liquidity. A simple dynamic model formalizes the notion that … the prevalence of withdrawals can be used to characterize American households' valuation of liquidity over time and space …. We find pervasive evidence of high valuation of liquidity, hence that shocks are imperfectly insured. Declines in …

Persistent link: https://www.econbiz.de/10013191101

Corporate Bond Liquidity During the COVID-19 Crisis

Kargar, Mahyar - 2020

We study liquidity conditions in the corporate bond market during the COVID-19 pandemic, and the effects of the … unprecedented interventions by the Federal Reserve. We find that, at the height of the crisis, liquidity conditions deteriorated … "lean against the wind" and bid-ask spreads declined. To study the causal impact of the interventions on market liquidity …

Persistent link: https://www.econbiz.de/10012481550

Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers

Hortaçsu, Ali - 2010

The financial decisions of durable goods makers can impose spillovers on their consumers. Namely, durable goods provide a consumption stream that frequently depends on services provided by the manufacturer (e.g., warranties, parts, and maintenance). Manufacturer bankruptcy, or even the...

Persistent link: https://www.econbiz.de/10012462460

Interpreting the Unconventional U.S. Monetary Policy of 2007-09

Reis, Ricardo - 2010

compares the Federal Reserve's actions with the literature on optimal policy in a liquidity trap. The theory suggests that, to … securities markets can restore liquidity with fewer government funds than extending credit to the originators of loans …

Persistent link: https://www.econbiz.de/10012462989

Adjusting to Trade Policy : Evidence from U.S. Antidumping Duties on Vietnamese Catfish

Brambilla, Irene - 2008

In 2003, after claims of dumping, the U.S. imposed heavy tariffs on imports of catfish from Vietnam. As a result, Vietnamese exports of catfish to the U.S. market sharply declined. Using a panel data of Vietnamese households, we explore the responses of catfish producers in the Mekong delta...

Persistent link: https://www.econbiz.de/10012464152

The Political Economy of the U.S. Mortgage Default Crisis

Mian, Atif - 2008

We examine the determinants of congressional voting behavior on two of the most significant pieces of federal legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic Stabilization Act of 2008. We find evidence that...

Persistent link: https://www.econbiz.de/10012464179

Will Subprime be a Twin Crisis for the United States?

Dooley, Michael P. - 2008

We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity … liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional … that will help limit the damage from the liquidity crisis …

Persistent link: https://www.econbiz.de/10012464668