administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for … borrowers subject to the debt moratorium, as well as an increase in credit scores. We find a large stimulus effect, as borrowers … to increase borrowing on credit cards, mortgages, and auto loans rather than avoid delinquencies. The effects are …

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 …

In many countries, bankruptcy is associated with low recovery by creditors. We develop a model of corporate credit … markets in such an environment. Corporate credit is provided by either a bond market or risk-averse banks. Restructuring of …-country and using insolvency reforms as natural experiments. Our empirical estimates suggest that a one …

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 …