A General Equilibrium Analysis of Personal Bankruptcy Law
نویسندگان
چکیده
منابع مشابه
AGeneral Equilibrium Analysis of Personal Bankruptcy Law
We analyse an economy where principals and agents match and contract subject to moral hazard. Bankruptcy law defines the limited liability constraint in these contracts. We analyse Walrasian allocations to generate the following predictions: (i) weakening bankruptcy law causes redistribution of debt and welfare from poor agents and principals to rich agents; (ii) exemption limits Pareto-dominat...
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An understanding of factors related to trends in the incidence of personal nonbusiness bankruptcy is important to credit managers as well as to economists. This study updates and extends to 1982 an earlier study of economic factors associated with the incidence of bankruptcy from 1950 to 1970. This study shows that the incidence of personal bankruptcy follows movements in a measure of the aggre...
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ژورنال
عنوان ژورنال: Economica
سال: 2015
ISSN: 0013-0427,1468-0335
DOI: 10.1111/ecca.12167