Our study analyzes the impact of debt moratorium policies, possibly the oldest approach to addressing repayment problems. Using Colombian administrative data, we compare firms that narrowly met the criteria for moratoria (eligible firms could not …
This paper studies the role of real estate prices on employment fluctuations. We focus on the relative importance of the housing wealth and firm collateral channel on employment. We use empirical evidence from Italian municipality data and feature a …
This paper studies how a firm's capital structure shapes the investment response during a sovereign debt crisis. To estimate the heterogeneous effect of capital structure on investment response to default risk, we use balance-sheet data for Italian …