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Publications

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    • All HBS Web  (871)
      • Faculty Publications  (52)

      Debt Policy Remove Debt Policy →

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      Debt Policy at UST Inc.
      Mexican Debt and Agricultural Policy
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      • 2020
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...  View Details
      Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
      • 2020
      • Working Paper

      Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

      By: Laura Alfaro, Mauricio Calani and Liliana Varela
      Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...  View Details
      Keywords: Foreign Currency Hedging; Fx Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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      Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging in Emerging Markets: Managing Cash Flow Exposure." Harvard Business School Working Paper, No. 21-096, March 2021.
      • June 2019
      • Article

      Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines

      By: Dean Karlan, Sendhil Mullainathan and Benjamin Roth
      A debt trap occurs when someone takes on a high-interest rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by refinancing). Studying such practices is important for understanding financial decision-making of...  View Details
      Keywords: Borrowing and Debt; Household; Personal Finance; Decision Making; Behavior; India; Philippines
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      Karlan, Dean, Sendhil Mullainathan, and Benjamin Roth. "Debt Traps? Market Vendors and Moneylender Debt in India and the Philippines." American Economic Review: Insights 1, no. 1 (June 2019): 27–42.
      • June 2019
      • Article

      Consequences of Debt Forgiveness: Strategic Default Contagion and Lender Learning

      By: Gerardo Pérez Cavazos
      I use a unique data set of loans to small business owners to examine whether lenders face adverse consequences when they grant debt forgiveness to borrowers. I provide evidence consistent with borrowers communicating their debt forgiveness to other borrowers, who then...  View Details
      Keywords: Debt Forgiveness; Strategic Default Contagion; Contracting; Borrowing and Debt; Communication; Learning
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      Pérez Cavazos, Gerardo. "Consequences of Debt Forgiveness: Strategic Default Contagion and Lender Learning." Journal of Accounting Research 57, no. 3 (June 2019): 797–841.
      • 2018
      • Book

      New Perspectives on the History of Political Economy

      By: Robert Fredona and Sophus A. Reinert
      This volume offers a snapshot of the resurgent historiography of political economy in the wake of the ongoing global financial crisis and suggests fruitful new agendas for research on the political-economic nexus as it has developed in the Western world since the end...  View Details
      Keywords: Economics; Government and Politics; History
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      Fredona, Robert and Sophus A. Reinert, eds. New Perspectives on the History of Political Economy. New York: Palgrave Macmillan, 2018.
      • 2018
      • Introduction

      Introduction: History and Political Economy

      By: Sophus A. Reinert and Robert Fredona
      This volume offers a snapshot of the resurgent historiography of political economy in the wake of the ongoing global financial crisis, and suggests fruitful new agendas for research on the political-economic nexus as it has developed in the Western world since the end...  View Details
      Keywords: Economics; Government and Politics; History
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      Reinert, Sophus A., and Robert Fredona. "Introduction: History and Political Economy." Introduction to New Perspectives on the History of Political Economy, edited by Robert Fredona and Sophus A. Reinert, 11–32. New York: Palgrave Macmillan, 2018.
      • January 2018 (Revised April 2021)
      • Case

      Capital Allocation at HCA

      By: W. Carl Kester and Emily R. McComb
      In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...  View Details
      Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States
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      Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
      • October 22, 2012
      • Article

      Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

      By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
      Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers...  View Details
      Keywords: Monetary Policy; Household Finance; Refinancing; Contract Rigidities; Debt Rigidity; Mpc; Deleveraging; Personal Finance; Household; Policy; Borrowing and Debt; Macroeconomics
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      Di Maggio, Marco, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, and Vincent Yao. "Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging." American Economic Review 107, no. 11 (November 2017): 3550–3588. (Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously Revise & Resubmit at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously Revise and Resubmit at Journal of Political Economy.)
      • February 2017 (Revised January 2018)
      • Case

      Womenomics in Japan

      By: Boris Groysberg, Mayuka Yamazaki, Nobuo Sato and David Lane
      This case profiles Prime Minister Shinzo Abe's vigorous attempts to revive Japan's economy, specifically by advocating for a larger role for women in the economy—not as a matter of social policy or gender equity per se, but as an essential element of any solution to...  View Details
      Keywords: Gender Equality; Japan; Leadership; Government-business Relations; Shinzo Abe; Economic Growth; Aging Society; Womenomics; Abenomics; Labor Market Discrimination; Workplace Culture; Women And Leadership; Change Management; Leading Change; Gender; Business and Government Relations; Growth and Development; Employment; Working Conditions
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      Groysberg, Boris, Mayuka Yamazaki, Nobuo Sato, and David Lane. "Womenomics in Japan." Harvard Business School Case 417-002, February 2017. (Revised January 2018.)
      • 2019
      • Working Paper

      Fiscal Rules and Sovereign Default

      By: Laura Alfaro and Fabio Kanczuk
      Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt...  View Details
      Keywords: Sovereign Debt; Hyperbolic Discounting; Fiscal Rules; Sovereign Finance
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      Alfaro, Laura, and Fabio Kanczuk. "Fiscal Rules and Sovereign Default." Harvard Business School Working Paper, No. 16-134, June 2016. (Also NBER Working Paper w23370. Revised January 2019.)
      • February 2016
      • Case

      Debt and Democracy: The New York Constitutional Convention of 1846

      By: David Moss and Dean Grodzins
      On September 23, 1846, delegates to New York State's constitutional convention prepared to vote on a proposal that its principal proponent, Michael Hoffman, conceded would be “a serious change in our form of government.” The proposal would place tight restrictions on...  View Details
      Keywords: Sovereign Finance; Governance; Laws and Statutes; Government and Politics; History; New York (state, US)
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      Moss, David, and Dean Grodzins. "Debt and Democracy: The New York Constitutional Convention of 1846." Harvard Business School Case 716-049, February 2016.
      • April 2015 (Revised January 2020)
      • Case

      Japan's Missing Arrow?

      By: Laura Alfaro and Hilary White
      In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including...  View Details
      Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
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      Alfaro, Laura, and Hilary White. "Japan's Missing Arrow?" Harvard Business School Case 715-050, April 2015. (Revised January 2020.)
      • July 2014
      • Case

      Paramount Equipment, Inc.

      By: Carliss Y. Baldwin and Wei Wang
      Paramount Equipment, Inc., based in Fort Wayne, Indiana, is a large manufacturer of cranes and compact construction equipment, aerial work platforms, and food service equipment. Founded in 1987, Paramount now had manufacturing operations in 24 countries. However, it...  View Details
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      Baldwin, Carliss Y., and Wei Wang. "Paramount Equipment, Inc." Harvard Business School Brief Case 914-557, July 2014.
      • March 2014
      • Article

      Cyclicality of Credit Supply: Firm Level Evidence

      By: Bo Becker and Victoria Ivashina
      Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to...  View Details
      Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry
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      Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Journal of Monetary Economics 62 (March 2014): 76–93.
      • November 2013 (Revised January 2015)
      • Case

      Restructuring JAL

      By: Malcolm Baker, Adi Sunderam, Nobuo Sato and Akiko Kanno
      Hideo Seto, the recently appointed chairman of the investment committee of the Enterprise Turnaround Initiative Corporation, must decide whether to push JAL group, Japan's largest airline, into bankruptcy or to act as a sponsor in an out-of-court restructuring. The...  View Details
      Keywords: Bankruptcy; Costs Of Financial Distress; Cost vs Benefits; Air Transportation; Restructuring; Capital Structure; Insolvency and Bankruptcy; Air Transportation Industry; Japan; United States
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      Baker, Malcolm, Adi Sunderam, Nobuo Sato, and Akiko Kanno. "Restructuring JAL." Harvard Business School Case 214-055, November 2013. (Revised January 2015.)
      • July 15, 2013
      • Other Article

      Pseudo-flexible Exchange-rate Regimes

      By: Laura Alfaro and Fabio Kanczuk
      According to the IMF, last decade saw a number of countries actively managing their exchange rates. Is this a good way for emerging economies to protect themselves from the large swings of international markets? This column presents a new "pseudo-flexible" exchange...  View Details
      Keywords: Flexibility; International Markets; Managing Exchange Rates; Currency Exchange Rate
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      Alfaro, Laura, and Fabio Kanczuk. "Pseudo-flexible Exchange-rate Regimes." Vox, CEPR Policy Portal (July 15, 2013).
      • May 2013
      • Supplement

      Kinyuseisaku: Monetary Policy in Japan (C)

      By: Laura Alfaro and Hilary White
      Assuming office in December 2012, Prime Minister Shinzo Abe was determined to revive Japan's stagnating economy through an ambitious plan known as 'Abenomics.' Under the guidance of the newly appointed governor of the central bank, Haruhiko Kuroda, the Bank of Japan...  View Details
      Keywords: Japan; Inflation Targeting; Inflation; Abenomics; Monetary Policy; Stimulus; Quantitative Easing; Government Bonds; Macroeconomics; Inflation and Deflation; Money; Economic Slowdown and Stagnation; Japan
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      Alfaro, Laura, and Hilary White. "Kinyuseisaku: Monetary Policy in Japan (C)." Harvard Business School Supplement 713-086, May 2013.
      • 5 Feb 2013
      • Conference Presentation

      Financing Entrepreneurial Growth

      By: Tom Alberg, Andrew A. Bogan, Harold Bradley, Robert D. Cooter, Monika Gruter Cheney, Oliver R. Goodenough, William R. Hambrecht, Frank Hatheway, Thomas F. Hellmann, Marianne Hudson, Jared Konczal, Josh Lerner, Robert E. Litan, Diane Mulcahy, Ramana Nanda, Frank Partnoy, Joe Ratterman, Nava Ravikant, Jay R. Ritter, Alicia Robb, David T. Robinson, Allison Schrager, Barry Silbert, E. R. Sirri, Daniel Stangler and Sharon Vosmek

      Despite recent innovations in entrepreneurial finance, particularly at the early stage of business creation, many new and young companies continue to face hurdles to acquire capital.

      The Kauffman Foundation addressed current challenges and opportunities in...  View Details

      Keywords: Finance; Entrepreneurial Finance; Venture Capital; Entrepreneurship; United States
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      Alberg, Tom, Andrew A. Bogan, Harold Bradley, Robert D. Cooter, Monika Gruter Cheney, Oliver R. Goodenough, William R. Hambrecht, Frank Hatheway, Thomas F. Hellmann, Marianne Hudson, Jared Konczal, Josh Lerner, Robert E. Litan, Diane Mulcahy, Ramana Nanda, Frank Partnoy, Joe Ratterman, Nava Ravikant, Jay R. Ritter, Alicia Robb, David T. Robinson, Allison Schrager, Barry Silbert, E. R. Sirri, Daniel Stangler, and Sharon Vosmek. "Financing Entrepreneurial Growth." Paper presented at the State of Entrepreneurship Address, Ewing Marion Kauffman Foundation, Washington, DC, USA, February 5, 2013.
      • December 2012 (Revised July 2013)
      • Case

      The “Chongqing Model” and the Future of China

      By: Meg Rithmire
      Since opening to the global economy in 1979, but especially since entering the WTO in 2001, China's economy grew at rates around 10% annually by attracting FDI and promoting exports. After the financial crisis that began in 2008 and depressed demand in the United...  View Details
      Keywords: China; Public Sector; Private Sector; Developing Countries and Economies; Macroeconomics; Public Administration Industry; China
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      Rithmire, Meg. "The “Chongqing Model” and the Future of China ." Harvard Business School Case 713-028, December 2012. (Revised July 2013.)
      • October 2012
      • Case

      Winfield Refuse Management, Inc.: Raising Debt vs. Equity

      By: W. Carl Kester and Sunru Yong
      A small, publicly traded company specializing in non-hazardous waste management considers a major acquisition in the Midwestern U.S. The acquisition can provide entry into the region, help the firm compete in a competitive industry, and improve its cost position. The...  View Details
      Keywords: United States; Acquisitions; Capital Structure; Equity Capital; Debt Management; Expansion; Leveraged Buyouts; Financial Analysis; Administrative/support/waste Management/remediation Services; Equity; Borrowing and Debt; Service Industry
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      Kester, W. Carl, and Sunru Yong. "Winfield Refuse Management, Inc.: Raising Debt vs. Equity." Harvard Business School Brief Case 913-530, October 2012.
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