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Keywords:Debt 

Working Paper
Assessing bankruptcy reform in a model with temptation and equilibrium default

A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number of bankruptcy filings, as seen in the data, but at the cost of loss in social welfare. The creditor-friendly reform provides borrowers with a stronger commitment to repay and thus yields lower default premia and better consumption smoothing. However, those who borrow and default due to temptation or ...
Working Papers , Paper 15-12

Report
On the irrelevance of the maturity structure of government debt without commitment

This paper presents a government debt game with the property that if the timing of debt auctions within a period is sufficiently unfettered, the set of equilibrium outcome paths of real economic variables given the government has access to a rich debt structure is identical to the set of equilibrium outcome paths given the government can issue only one-period debt.
Staff Report , Paper 268

Newsletter
Subordinated debt: the overlooked solution for banking

Chicago Fed Letter , Issue May

Working Paper
Rational inflation and real internal debt bubbles in Argentina and Brazil?

Working Papers , Paper 9113

Conference Paper
Luncheon address: central banking in uncertain times: conviction and responsibility.

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Defaultable debt, interest rates and the current account

World capital markets have experienced large scale sovereign defaults on a number of occasions, the most recent being Argentina?s default in 2002. In this paper we develop a quantitative model of debt and default in a small open economy. We use this model to match four empirical regularities regarding emerging markets: defaults occur in equilibrium, interest rates are countercyclical, net exports are countercyclical, and interest rates and the current account are positively correlated. That is, emerging markets on average borrow more in good times and at lower interest rates as compared to ...
Proceedings , Issue Jun

Journal Article
Market discipline and subordinated debt: a review of some salient issues

Requiring banks to issue subordinated debt is one proposal to bring market discipline to bear in aiding regulatory supervision. This article explores the frictions that produce a need for discipline (agency problems) and the mechanisms markets have evolved for dealing with these frictions. Following an examination of the rationales and assumptions underlying subordinated debt proposals, the article concludes that the case tying regulatory intervention to subordinated debt spreads is not clear-cut, and that use of all available information, including equity returns and debt yields, when ...
Economic Perspectives , Volume 25 , Issue Q I , Pages 24-45

Journal Article
Recent accounting standard update clarifies and adds guidance to troubled debt restructurings

Although some believe the changes could lead to more loans reported as troubled debt restructurings, the update?s purpose is to explain and expand on previous guidance.
Central Banker , Issue Fall

Journal Article
Game strategy in fiscal straits: When government debts become large, lessons of game theory might help avoid a crisis

Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2012/q4/feature4_weblinks.cfm
Econ Focus , Volume 16 , Issue 4Q , Pages 24-28

Journal Article
Major borrowing and lending trends in the U.S. economy, 1981-1985

Federal Reserve Bulletin , Issue Aug , Pages 511-524

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