diff --git a/src/main/kotlin/net/pwall/json/schema/JSONSchema.kt b/src/main/kotlin/net/pwall/json/schema/JSONSchema.kt
index df5aad5..38c8da9 100644
--- a/src/main/kotlin/net/pwall/json/schema/JSONSchema.kt
+++ b/src/main/kotlin/net/pwall/json/schema/JSONSchema.kt
@@ -132,6 +132,9 @@ sealed class JSONSchema(
 
     override fun hashCode(): Int = uri.hashCode() xor location.hashCode()
 
+    override fun toString() =
+        "${this::class.java.simpleName}(uri=$uri, location=$location, description=$description, title=$title)"
+
     @Suppress("EqualsOrHashCode")
     class True(uri: URI?, location: JSONPointer) : JSONSchema(uri, location) {
 
@@ -267,6 +270,9 @@ sealed class JSONSchema(
         override fun hashCode(): Int = super.hashCode() xor schemaVersion.hashCode() xor title.hashCode() xor
                 description.hashCode() xor children.hashCode()
 
+        override fun toString() = "General(uri=$uri, location=$location, " +
+                "schemaVersion='$schemaVersion', title=$title, description=$description, children=$children)}"
+
     }
 
     companion object {
diff --git a/src/main/kotlin/net/pwall/json/schema/parser/Parser.kt b/src/main/kotlin/net/pwall/json/schema/parser/Parser.kt
index c188bad..3737816 100644
--- a/src/main/kotlin/net/pwall/json/schema/parser/Parser.kt
+++ b/src/main/kotlin/net/pwall/json/schema/parser/Parser.kt
@@ -105,6 +105,8 @@ class Parser(var options: Options = Options(), uriResolver: (URI) -> InputStream
 
     private val schemaCache = mutableMapOf<URI, JSONSchema>()
 
+    private val pendingRefs = mutableMapOf<URI, MutableList<RefSchema>>()
+
     fun preLoad(filename: String) {
         jsonReader.preLoad(filename)
     }
@@ -181,9 +183,9 @@ class Parser(var options: Options = Options(), uriResolver: (URI) -> InputStream
         }
         uri?.let {
             val fragmentURI = uri.withFragment(pointer)
-            schemaCache[fragmentURI]?.let {
-                return if (it !is JSONSchema.False) it else fatal("Recursive \$ref", uri, pointer)
-            }
+            // Always return an existing schema, recursion is handled in parseRef() and below.
+            schemaCache[fragmentURI]?.let { return it }
+            // Create a "dummy entry" to detect recursions before the actual parsing.
             schemaCache[fragmentURI] = JSONSchema.False(uri, pointer)
         }
         val title = schemaJSON.getStringOrNull(uri, "title")
@@ -268,7 +270,12 @@ class Parser(var options: Options = Options(), uriResolver: (URI) -> InputStream
         }
         if (options.validateDefault && schemaJSON.containsKey("default"))
             validateExample(result, pointer,  json, pointer.child("default"), defaultValidationErrors)
-        uri?.let { schemaCache[uri.withFragment(pointer)] = result }
+        uri?.let {
+            val fragmentUri = uri.withFragment(pointer)
+            schemaCache[fragmentUri] = result
+            // Complete pending (i.e. recursive) RefSchema instances.
+            pendingRefs.remove(fragmentUri)?.forEach { it.target = result }
+        }
         return result
     }
 
@@ -374,12 +381,20 @@ class Parser(var options: Options = Options(), uriResolver: (URI) -> InputStream
         }
         if (!refPointer.exists(refJSON))
             fatal("\$ref not found $refString", uri, pointer)
-        return RefSchema(
+        val target = parseSchema(refJSON, refPointer, refURI)
+        val refSchema = RefSchema(
             uri = uri,
             location = pointer,
-            target = parseSchema(refJSON, refPointer, refURI),
+            target = target,
             fragment = refURIFragment,
         )
+        if (target is JSONSchema.False) {
+            val fragmentUri = target.uri?.withFragment(target.location)
+                ?: fatal("Cannot build fragmentUri for recursive \$ref", uri, pointer)
+            // Register refSchema for future completion when schema becomes available.
+            pendingRefs.computeIfAbsent(fragmentUri) { mutableListOf() } += refSchema
+        }
+        return refSchema
     }
 
     private fun parseItems(json: JSONValue, pointer: JSONPointer, uri: URI?, value: JSONValue?): JSONSchema.SubSchema {
diff --git a/src/main/kotlin/net/pwall/json/schema/subschema/RefSchema.kt b/src/main/kotlin/net/pwall/json/schema/subschema/RefSchema.kt
index fc990ed..1197dae 100644
--- a/src/main/kotlin/net/pwall/json/schema/subschema/RefSchema.kt
+++ b/src/main/kotlin/net/pwall/json/schema/subschema/RefSchema.kt
@@ -30,12 +30,21 @@ import java.net.URI
 import net.pwall.json.JSONValue
 import net.pwall.json.pointer.JSONPointer
 import net.pwall.json.schema.JSONSchema
+import net.pwall.json.schema.JSONSchemaException
 import net.pwall.json.schema.output.BasicOutput
 import net.pwall.json.schema.output.DetailedOutput
 
-class RefSchema(uri: URI?, location: JSONPointer, val target: JSONSchema, val fragment: String?) :
+class RefSchema(uri: URI?, location: JSONPointer, target: JSONSchema, val fragment: String?) :
         JSONSchema.SubSchema(uri, location) {
 
+    var target: JSONSchema = target
+        set(value) {
+            if (field !is False) {
+                throw JSONSchemaException("Modification of resolved RefSchema target is prohibited")
+            }
+            field = value
+        }
+
     override fun childLocation(pointer: JSONPointer): JSONPointer = pointer.child("\$ref")
 
     override fun validate(json: JSONValue?, instanceLocation: JSONPointer): Boolean =
@@ -58,4 +67,24 @@ class RefSchema(uri: URI?, location: JSONPointer, val target: JSONSchema, val fr
 
     override fun hashCode(): Int = super.hashCode() xor target.hashCode()
 
+    private var toStringVisiting = false
+
+    /**
+     * toString() implementation with loop protection.
+     * The var "toStringVisiting" is set to true before construction of the resulting String.
+     * When it is found to be already set, the contents will not be evaluated recursively.
+     */
+    override fun toString(): String {
+        return if (toStringVisiting) {
+            "RefSchema(<recursive access>)"
+        } else {
+            try {
+                toStringVisiting = true
+                "RefSchema(uri=$uri, location=$location, fragment=$fragment, target=$target)"
+            } finally {
+                toStringVisiting = false
+            }
+        }
+    }
+
 }