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  • Forthcoming
  • Article

Second Chance: Life with Less Student Debt

By: Marco Di Maggio, Ankit Kalda and Vincent Yao
This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of borrowers to examine the effects of private student debt relief... View Details
Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Personal Finance; Borrowing and Debt; Outcome or Result
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  • February 1989
  • Article

Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief

By: K. A. Froot
Keywords: Chapter 7; Debt Reduction; Default; Sovereign Debt; Debt Crisis; Debt Restructuring; Borrowing and Debt
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  • 2019
  • Working Paper

Second Chance: Life with Less Student Debt

By: Marco Di Maggio, Ankit Kalda and Vincent Yao
Rising student debt is considered one of the creeping threats of our time. This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit the plausibly random debt discharge due to the inability of National Collegiate,... View Details
Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Borrowing and Debt; Personal Finance; Outcome or Result; United States
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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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  • May 2025
  • Article

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 (now Undue Medical Debt)... View Details
Keywords: Borrowing and Debt; Credit; Outcome or Result; Well-being; Personal Finance
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  • 23 Jul 2024
  • Research & Ideas

Forgiving Medical Debt Won't Make Everyone Happier

no impact on overall financial wellbeing or mental health. In fact, those who received debt relief were less likely to repay their other outstanding medical bills. Researchers found no impact on credit use... View Details
Keywords: by Rachel Layne; Health
  • 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
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  • June 2017 (Revised August 2018)
  • Case

Goodbye IMF Conditions, Hello Chinese Capital: Zambia's Copper Industry and Africa's Break with Its Colonial Past

By: Rafael Di Tella, Vincent Pons, Sarah Mehta and David Lane
Over the past several decades, rapid growth in Chinese investment and trade has created for Africa a new development partner. China represents an alternative to U.S. and European nations whose past imperialism, resource avarice, and economic dictates—through the... View Details
Keywords: Copper; Imperialism; IMF; World Bank; ODA; Debt Relief; Growth and Development; Business and Stakeholder Relations; Labor and Management Relations; History; Development Economics; China; Zambia; Africa
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  • 22 May 2019
  • Research & Ideas

Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

borrowers with other private information, including monthly payment histories on auto loans, mortgages, home equity lines of credit, student loans, and credit cards, plus occupation and income information. Using debt View Details
Keywords: by Dina Gerdeman
  • June 2015 (Revised January 2017)
  • Case

Greece's Debt: Sustainable?

By: George Serafeim
The case "Greece's Debt: Sustainable?" describes the Greek economic crisis, bailout from the European Union and the International Monetary Fund (IMF), and the debt restructuring that followed. Because of a lack of trust in Greece's ability to repay its debt, two... View Details
Keywords: Debt Crisis; Accounting; Debt Sustainability; Austerity; Solvency Opinions; Borrowing and Debt; Restructuring; Valuation; Accrual Accounting; Fair Value Accounting; Economy; Greece
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  • 2023
  • Working Paper

Saving and Consumption Responses to Student Loan Forbearance

By: Justin Katz
How do households adjust savings and consumption in response to liquidity from debt relief? I study this question using policy variation induced by federal student loan forbearance in the 2020 CARES Act and an individual-level panel of daily financial transactions for... View Details
Keywords: Saving; Consumer Behavior; Borrowing and Debt; Interest Rates; Financial Liquidity; Personal Finance; Government Legislation
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  • Research Summary

Overview

Professor Vallée focuses on financial innovation, investigating it from different angles. This research thread has led him to relate the methods and insights of corporate finance and banking with those of other subfields, including household finance, public finance,... View Details
  • Article

The Economic Consequences of Bankruptcy Reform

By: Tal Gross, Raymond Kluender, Feng Liu, Matthew J. Notowidigdo and Jialan Wang
A more generous consumer bankruptcy system provides greater insurance against financial risks but may also raise the cost of credit. We study this trade-off using the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which increased the costs of... View Details
Keywords: Bankruptcy; Bankruptcy Abuse Prevention And Consumer Protection Act; Borrowing and Debt; Credit
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  • 28 Jul 2015
  • First Look

First Look: July 28, 2015

Because of a lack of trust in Greece's ability to repay its debt, two programs were organized that provided financial assistance to Greece. This was followed by a debt restructuring that provided debt View Details
Keywords: Carmen Nobel
  • 04 Sep 2001
  • Research & Ideas

Governing the Family-Run Business

policies, debt policies, even fire emergency policies. Brings the right people together at the right time to discuss the right (important) things. No organization is effective for long without doing these things. You should measure the... View Details
  • 21 Sep 2022
  • Research & Ideas

You Don’t Have to Quit Your Job to Find More Meaning in Life

US, people really want to live their best lives—right now. “I believe that the pandemic caused people to re-evaluate whether their work is meaningful,” says Harvard Business School Assistant Professor Julian De Freitas. “Some compared their work to urgent pandemic... View Details
Keywords: by Shalene Gupta
  • 23 Nov 2020
  • Research & Ideas

COVID Was Supposed to Increase Bankruptcies. Instead, They've Gone Down.

potentially shuts out consumers and small businesses when they need debt relief the most. Another could be difficulty in accessing the court system itself as the pandemic worsened and most courts moved... View Details
Keywords: by Rachel Layne
  • 16 Jul 2020
  • Research & Ideas

Restaurant Revolution: How the Industry Is Fighting to Stay Alive

and delivery only and the prospects for returning to full employment by June 30 were dim given the constraints imposed by capacity caps. "I have no idea what to do with the PPP loan that I’ve been approved for; I’m not sure I will take it.” The View Details
Keywords: by Michael S. Kaufman, Lena G. Goldberg, and Jill Avery; Food & Beverage
  • 15 May 2007
  • First Look

First Look: May 15, 2007

Africa by 2010. The announcement raised questions whether debt relief would really help the poor. By examining past aid trends and policies of multilateral institutions, such as the International Monetary... View Details
Keywords: Martha Lagace
  • 06 Nov 2012
  • First Look

First Look: November 6

entrepreneurs. The results are consistent with intra-section learning, where the close ties between section-mates lead to insights about the merits of business plans. Corporate Ownership Structure and the Choice Between Bank Debt and... View Details
Keywords: Sean Silverthorne

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