Publications

SSRN

November 1985
Case

Prentice Stevens, Inc.: Rating Industrial Debt

By: David F. Hawkins

Keywords: Borrowing and Debt; Management; Financial Statements

October 1986
Case

World Bank and the Debt Crisis

By: Ray A. Goldberg

Keywords: Borrowing and Debt; Financial Crisis

07 Oct 2016
Working Paper Summaries

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy

Keywords: by Wenxin Du, Carolin E. Pflueger, and Jesse Schreger

October 2016
Case

Turkasset: Bringing Customer-Centricity to Debt Collection

By: Dennis Campbell and Gamze Yucaoglu

In December 2014, in preparation for the year-end board presentation, Hilmi Guvenal (PMD 1993), shareholder and CEO of Turkasset, and Ilker Yoney, COO, sat down to discuss Turkasset’s five- and ten-year strategic plans. Since taking leadership of the company in 2009,... View Details

February 2016
Case

Debt and Democracy: The New York Constitutional Convention of 1846

By: David Moss and Dean Grodzins

On September 23, 1846, delegates to New York State's constitutional convention prepared to vote on a proposal that its principal proponent, Michael Hoffman, conceded would be “a serious change in our form of government.” The proposal would place tight restrictions on... View Details

Keywords: Sovereign Finance; Governance; Laws and Statutes; Government and Politics; History; New York (state, US)

March 2009 (Revised February 2011)
Background Note

Note: Fair Value Accounting for Investments in Debt Securities

By: William E. Fruhan

The note describes how fair value accounting applies to debt securities that are classified by financial institutions as (1) "trading" securities, (2) "available for sale" securities, or (3) "hold to maturity" securities. It explains the hierarchy for inputs used in... View Details

Keywords: Fair Value Accounting; Financial Reporting; Assets; Debt Securities; Investment

2006
Working Paper

Optimal Reserve Management and Sovereign Debt

By: Laura Alfaro and Fabio Kanczuk

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2024
Working Paper

The Effects of Medical Debt Relief: Evidence from Two Randomized Experiments

By: Raymond Kluender, Neale Mahoney, Francis Wong and Wesley Yin

Two in five Americans have medical debt, nearly half of whom owe at least $2,500. Concerned by this burden, governments and private donors have undertaken large, high-profile efforts to relieve medical debt. We partnered with RIP Medical Debt to conduct two randomized... View Details

Keywords: Borrowing and Debt; Credit; Outcome or Result; Well-being; Personal Finance

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February 1986
Background Note

Note on the Japanese Public Debt Markets

Forthcoming
Article

Calling All Issuers: The Market for Debt Monitoring

By: Huaizhi Chen, Lauren Cohen and Weiling Liu

95% of long-term municipal bonds have callable features, and yet we find new evidence of a substantial fraction of local governments exercising these valuable options sub-optimally, with significant delays – resulting in sizable losses. Using data from 2001 to 2019, we... View Details

Keywords: Bonds; Financial Institutions; Governing Rules, Regulations, and Reforms; Government Administration; Financing and Loans

December 2020
Article

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy

By: Wenxin Du, Carolin Pflueger and Jesse Schreger

We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk-averse lenders and... View Details

Keywords: Investment Portfolio; Currency; Policy; Risk and Uncertainty

June 1985 (Revised August 1994)
Background Note

U.S. Government Debt Market and the Structure of Interest Rates, The

Concerns U.S. Government Debt Market and various conventions used to depict the structure of interest rates. View Details

Keywords: Sovereign Finance; Bonds; Interest Rates

13 Oct 2010
Research & Ideas

How Government can Discourage Private Sector Reliance on Short-Term Debt

sector's tilt toward short-term financing was merely the industry responding to a lack of available government debt instruments, such as short-term risk-free Treasuries, that were much in demand by investors during the global savings... View Details

Keywords: by Staff; Financial Services

March 1981 (Revised February 1983)
Background Note

Managing the Debt Crises of Developing Countries

25 Apr 2012
Conference Presentation

The European Sovereign Debt Crisis and Italy

By: Dante Roscini

Article

Sovereign Debt Buybacks Can Lower Bargaining Costs

By: J. J. Rotemberg

Keywords: Sovereign Finance; Negotiation; Cost; Borrowing and Debt

fall 2010
Article

Lawsuits and Empire: On the Enforcement of Sovereign Debt in Latin America

By: Faisal Z. Ahmed, Laura Alfaro and Noel Maurer

The re-occurring phenomenon of sovereign default has prompted an enormous theoretical and empirical literature. Most of this research has focused on why countries ever chose to pay their debts (or why private creditors ever expected repayment). The problem originates... View Details

Keywords: Lawsuits and Litigation; Insolvency and Bankruptcy; Sovereign Finance; Borrowing and Debt; Debt Securities; Motivation and Incentives; Markets; Equity; Banking Industry; Latin America

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April 2007 (Revised June 2007)
Case

Aid, Debt Relief, and Trade: An Agenda for Fighting World Poverty (A)

By: Laura Alfaro, Eric D. Werker and Renee Kim

At the 2005 Group of Eight summit, world leaders agreed to relieve the world's poorest countries' debt burdens and double aid to Africa by 2010. The announcement raised questions whether debt relief would really help the poor. By examining past aid trends and policies... View Details

Keywords: Developing Countries and Economies; Borrowing and Debt; Capital; International Relations; Nonprofit Organizations; Poverty; Welfare; Africa