first offer a broad overview of the laws at various levels governing the collection of debt and position their research in …

As a response to economic crises triggered by COVID-19, sovereign debt standstill proposals emphasize debt payment … suspensions without haircuts on the face value of debt obligations. We quantify the effects of standstills using a standard …. Standstills also generate a form of 'debt overhang' and thus the opportunity for a 'voluntary debt exchange': complementing the …

We examine the consequences of a sudden increase in household debt burdens by exploiting variation in exposure to … household foreign currency debt during Hungary's late-2008 currency crisis. The revaluation of debt burdens causes higher …, and negative spillover effects on nearby borrowers without foreign currency debt. The estimates translate into an output …

about the design of debt contracts. The results derive from the premise that firms must avoid legal insolvency when issuing … new debt because insolvency at issuance would trigger severe operational limitations on the issuer. I first show that … legal insolvency limits debt capacity, limiting the amount of money that a firm can raise with debt. I next show that legal …