mistakes. We develop a quantitative theory of unsecured credit and equilibrium default in a market with sophisticated and naïve … internalizing this fact. When signing debt contracts, we allow agents to trade off interest rates for penalty fees. These fees make …

creditworthiness effects of bankruptcy in response to tighter credit. We show that bankruptcy dampens the effect of tighter credit on … aggregate consumption on impact because it allows borrowers to sustain consumption, but statutory exclusion from the credit … the negative welfare effects of the subsequent credit tightening. …

different types of women's businesses. The variables of the study are some financial indicators: credit ratio, debt ratio … significant consequences for the productive sector (destruction of companies, high unemployment, credit restrictions) and on … public finances under severe uncertainty (sovereign debt crisis, banking crisis). This is generating major changes in …