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Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012481180

The Impact of Covid-19 on Small Business Owners : Evidence of Early-Stage Losses from the April 2020 Current Population Survey

Fairlie, Robert W. - 2020

Social distancing restrictions and demand shifts from COVID-19 are expected to shutter many small businesses, but there is very little early evidence on impacts. This paper provides the first analysis of impacts of the pandemic on the number of active small businesses in the United States using...

Persistent link: https://www.econbiz.de/10012481503

COVID-19 and SMEs : A 2021 "Time Bomb"?

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

This paper assesses the prospects of a 2021 time bomb in SME failures triggered by the generous support policies enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs. Rather, business failures and policy costs remain...

Persistent link: https://www.econbiz.de/10012482634

Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...

Persistent link: https://www.econbiz.de/10012629513

Optimal taxation in the presence of bailouts

Panageas, Stavros - 2009

The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs …

Persistent link: https://www.econbiz.de/10012463244

Wall Street's First Corporate Governance Crisis : The Panic of 1826

Hilt, Eric - 2009

In July of 1826, several prominent Wall Street firms abruptly went bankrupt, amid scandalous revelations of fraudulent financial practices by their management. Although mostly forgotten today, these events represented a watershed in the early development of the corporation laws and investor...

Persistent link: https://www.econbiz.de/10012463756

The Political Economy of the U.S. Mortgage Default Crisis

Mian, Atif - 2008

We examine the determinants of congressional voting behavior on two of the most significant pieces of federal legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic Stabilization Act of 2008. We find evidence that...

Persistent link: https://www.econbiz.de/10012464179

Zombie Lending and Depressed Restructuring in Japan

Caballero, Ricardo J. - 2006

In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...

Persistent link: https://www.econbiz.de/10012466526

Bankruptcy and Small Firms' Access to Credit

Berkowitz, Jeremy - 2002

In this paper, we investigate how personal bankruptcy law affects small firms' access to credit. When a firm is … to its owner. If the firm fails, the owner has an incentive to file for personal bankruptcy, since the firm's debts will … exemption level, the greater is the incentive to file for bankruptcy. We show that supply of credit falls and demand for credit …

Persistent link: https://www.econbiz.de/10012469703

Macroeconomic Effects of Corporate Default Crises : A Long-Term Perspective

Giesecke, Kay - 2012

Using an extensive new data set on corporate bond defaults in the U.S. from 1866 to 2010, we study the macroeconomic effects of bond market crises and contrast them with those resulting from banking crises. During the past 150 years, the U.S. has experienced many severe corporate default crises...

Persistent link: https://www.econbiz.de/10012460805