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Title page

Contents

Abstract 3

1. Introduction 4

2. Institutional Setting 8

2.1. Background 8

2.2. Law on debt relief 9

2.3. Creditor rights in Denmark 11

3. Data 12

3.1. Data collection Statstidende 13

3.2. Register data 14

3.3. Summary statistics 15

3.4. Repayment statistics 16

4. Results 18

4.1. Graphical evidence 18

4.2. Event-study regressions 20

4.3. Instrumental variables model 21

4.4. Labor market IV results 27

4.5. Financial status IV results 30

4.6. IV results by follow-up period 31

4.7. Extended results 33

5. Conclusion 41

References 43

Online Appendix 48

A. Sample Selection 50

B. Match with Danish Central Person Register 50

C. Official Statistics on Debt Relief 52

C.1. Data Sources for the Official Statistics 52

D. Decomposition of Change in Earned Income 53

E. Subgroup Effects 55

F. Characteristics of Compliers 57

G. Marginal Treatment Effects 59

H. Labor Supply Mechanism 61

H.1. Tax effect due to wage garnishments 61

H.2. Wealth effect due to dividend 61

I. Fiscal Consequences of Debt Relief 62

J. Figures 64

K. Tables 75

L. References (in addition to references in the main paper) 100

Tables

Table 1. Summary Statistics for Applicants of Debt Relief 17

Table 2. Impact of Debt Relief on Labor Market Outcomes 28

Table 3. Impact of Debt Relief on Household Finances and Real Estate Ownership 30

Figures

Figure 1. Mean Outcomes Before and After Application for Debt Relief 19

Figure 2. Long-Run Event-Study Graphs 21

Figure 3. Properties of Instrumental Variable 24

Figure 4. IV Event-Study Estimates 32

Appendix Tables

Table A.1. Match with Central Person Register 75

Table A.2. Number of Cases per City Court 76

Table A.3. Official Statistics on Number of Applicants for Debt Relief 77

Table A.4. Outcome Variables 78

Table A.5. Applicants for Debt Relief versus General Population 79

Table A.6. Debt and Repayment Statistics 80

Table A.7. IV First Stage Regression 81

Table A.8. Instrument Balance Test 82

Table A.9. Dividend and Trustee Instrument 83

Table A.10. IV First Stage Regression in Subsamples 84

Table A.11. IV First Stage Regression in Subsamples with Reverse-sample Instrument 85

Table A.12. Event-Study Estimates for the IV Sample 86

Table A.13. Mean Outcomes During Follow-Up 87

Table A.14. Impact of Debt Relief on Welfare Dependency 87

Table A.15. Impact of Debt Relief by Follow-up Period 88

Table A.16. Instrumental Variable Estimates by Required Cases per Trustee 89

Table A.17. Joint Test of Exclusion and Monotonicity Assumption 90

Table A.18. UJIVE as Instrumental Variable 91

Table A.19. Alternative Specifications of Instrumental Variable 92

Table A.20. Attrition 93

Table A.21. Balanced Panel Results 94

Table A.22. Alternative Levels of Clustering 95

Table A.23. Subgroup Analysis by Sex, Age, Marital Status, and Education 96

Table A.24. Subgroup Analysis by Entry Conditions (Economic Outcomes Prior to Application) 97

Table A.25. Instrumental Variable Estimates for Years 17 to 25 98

Table A.26. Characteristics of Compliers 99

Appendix Figures

Figure A.1. Fraction Granted Debt Relief in Initial Sample 64

Figure A.2. Mean Outcomes Before and After Application for Debt Relief 65

Figure A.3. Event-Study Graphs 66

Figure A.4. Event-Study Graphs 67

Figure A.5. Event-Study Graphs for 34 Years 68

Figure A.6. Regular versus Callaway and Sant'Anna Event-Study 69

Figure A.7. Complier-Weighted versus Unweighted Event-Study 70

Figure A.8. Dividend and Trustee Instrument 71

Figure A.9. MTE Estimates 72

Figure A.10. MTE:s with Different Functional Forms 73

Figure A.11. Number of Applicants for Debt Relief and the Unemployment Rate 74

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