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Macroeconomics: Consumption, Saving, Production, Employment, and Investment x Law and Economics x clear all

The Democratization of Credit and the Rise in Consumer Bankruptcies

Igor Livshits, James C. Mac Gee and Michèle Tertilt.

in The Review of Economic Studies

October 2016; p ublished online March 2016 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Financial Regulation; Law and Economics. 18133 words.

Financial innovations are a common explanation for the rise in credit card debt and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions:...