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Debt Restructuring
Friedman, Benjamin M. - 2000
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 …
Persistent link: https://www.econbiz.de/10012471039
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Impacts of Basic Income on Health and Economic Well-Being : Evidence from the VA's Disability Compensation Program
Silver, David; Zhang, Jonathan - National Bureau of Economic Research - 2022
We study impacts of a cash transfer program with no means-test and no work restrictions: the US Department of Veteran Affairs (VA) Disability Compensation program. Our empirical strategy leverages quasi-random assignment of veterans claiming mental disorder disability to examiners who vary in...
Persistent link: https://www.econbiz.de/10013172176
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Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
Acharya, Viral V. - 2019
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...
Persistent link: https://www.econbiz.de/10012480422
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Informational Rents, Macroeconomic Rents, and Efficient Bailouts
Philippon, Thomas - 2011
We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents …
Persistent link: https://www.econbiz.de/10012461931
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Negative Equity Does Not Reduce Homeowners' Mobility
Schulhofer-Wohl, Sam - 2011
Some commentators have argued that the housing crisis may harm labor markets because homeowners who owe more than their homes are worth are less likely to move to places that have productive job opportunities. I show that, in the available data, negative equity does not make homeowners less...
Persistent link: https://www.econbiz.de/10012461956
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Fire Sales in Finance and Macroeconomics
Shleifer, Andrei - 2010
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang …
Persistent link: https://www.econbiz.de/10012462014
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Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons
Jordà, Òscar - 2010
Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed countries over 140 years (1870-2008). We exploit our long-run dataset in a number of different ways. First, we apply new statistical tools to describe the temporal and spatial...
Persistent link: https://www.econbiz.de/10012462090
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Payday Loans and Credit Cards : New Liquidity and Credit Scoring Puzzles?
Agarwal, Sumit - 2009
Using a unique dataset matched at the individual level from two administrative sources, we examine household choices between liabilities and assess the informational content of prime and subprime credit scores in the consumer credit market. First, more specifically, we assess consumers'...
Persistent link: https://www.econbiz.de/10012463988
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Equity Depletion from Government-Guaranteed Debt
Hall, Robert E. - 2008
Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of … debt up to the limit the government permits. Declines in asset values raise debt in relation to asset values and thus … asset values to market. Less widely recognized is that guaranteed debt creates an incentive to pay equity out to owners …
Persistent link: https://www.econbiz.de/10012464068
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Housing Busts and Household Mobility
Ferreira, Fernando - 2008
Using two decades of American Housing Survey data from 1985-2005, we estimate the impact on household mobility of owners having negative equity in their homes and of rising mortgage interest rates. We find that both lead to lower, not higher, mobility rates over time. The impacts are...
Persistent link: https://www.econbiz.de/10012464339