measures of delinquency and default. Foreclosure starts are approximately two-thirds lower in the group with the highest …

first proposition because, if it were, that would mean that a particular good is buying goods.(3) Default on debt is …

default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped …, output low, or a cross default more likely. These predictions are consistent with empirical evidence. …

, although default does not trigger exclusion from private credit markets. These findings help shed light on joint default and …We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and … presence of long-term debt overhang, the availability of offcial funds increases the probability of default on existing debt …

augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the …

payments and financial literacy, as well as markets for health insurance, crop insurance, agricultural credit, small firm …

presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and … actual wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …

-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … credit constraints; (iv) asset market crashes. In simulations and in the data we aggregate explicitly from individual … behavior. We model credit tightening as a constraint on new borrowing and this generates an option value of borrowing in good …