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Borrowers’ Distress and Debt Relief: Evidence from a Natural Experiment
The Journal of Law and Economics ( IF 2.2 ) Pub Date : 2018-11-01 , DOI: 10.1086/701902
Saptarshi Mukherjee , Krishnamurthy Subramanian , Prasanna Tantri

Using unique borrower-level data, we study the causal effect of debt relief on the loan performance of distressed and nondistressed borrowers. We employ a regression discontinuity design that exploits exogenous cutoff dates underlying the 2008 Indian debt waiver program to separate defaulters on loans into beneficiaries and nonbeneficiaries of waivers. By identifying distress before the waiver program using exogenous borrower-level shocks, we examine performance on loans originated after the waiver program. Loan performance of nondistressed beneficiaries worsens, while that of distressed borrowers improves. While existing studies aggregate the effects of debt relief across distressed and nondistressed borrowers, we highlight crucial differences between them.

中文翻译:

借款人的债务和债务减免:来自自然实验的证据

使用独特的借款人级别数据,我们研究了债务减免对不良和非不良借款人贷款绩效的因果关系。我们采用了一种回归不连续性设计,该设计利用了2008年印度债务豁免计划所依据的外部截止日期,将贷款的违约者分为豁免的受益人和非受益人。通过使用外来借款人级别的冲击在豁免计划之前确定困境,我们检查了豁免计划之后产生的贷款的绩效。非不良受益人的贷款表现恶化,而不良借款人的贷款表现则有所改善。虽然现有研究汇总了不良和非不良借款人债务减免的影响,但我们强调了它们之间的关键差异。
更新日期:2018-11-01
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