Government Debt and Deficits
Government debt is the stock of outstanding IOUs issued by the government at any time in the past and not yet repaid. Governments issue debt whenever they borrow from the public; the magnitude of the outstanding debt equals the cumulative amount of net borrowing that...
Description
The purpose of this paper is to identify which small businesses are most “debt sensitive”,
or most likely to be affected by banking market conditions
Journal of Financial Economic Policy
Effects of banks on “debt-sensitive” small businesses
Allen N. Berger Philip Ostromogolsky...
A loan (or security) that ranks below other loans. In the event of bankruptcy, subordinated debt holders receive payment only after senior debt claims are paid in full