I would like to change default value of a table column:
alter table foo modify (col_name default 'bar');
Will this cause any troubles with Hibernate if I don't restart my application?
It will not make any trouble to the Hibernate itself. Hibernate does not store hash
or some other form of an identifier of your Database versions. Although if your application logic is somehow linked to this default value you will have 'troubles' but they have nothing to do with Hibernate.
No there should not be any issue if the default value of a column is changed, but please make sure that there should not be any default value defined in the corresponding column of the table's hibernate entity