Debt Overhang, Liquidity Constraints and Adjustment Incentives

Investment in most heavily indebted countries has been weak since 1982. The widely accepted debt overhang proposition interprets the investment drop as a moral hazard problem: a heavy debt burden raises the incentive to consume, because the marginal benefit of investment would go to the creditor. This paper develops several hypotheses on optimal...

自1982年起，绝大多数重债国家的投资始终处于疲软状态。被学界广泛接受的债务悬置（debt overhang）命题将此类投资下滑归因于道德风险问题：沉重的债务负担会提振消费动机，因为投资所产生的边际收益将归属债权人。本文围绕最优……提出了若干假说。