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Default and Punishment in General Equilibrium

Dubey, Pradeep K.; Geanakoplos, John; Shubik, Martin - 2003

We extend the standard model of general equilibrium with incomplete markets to allow for default and punishment by thinking of assets as pools. The equilibrating variables include expected delivery rates, along with the usual prices of assets and commodities. By reinterpreting the variables, our...

Persistent link: https://www.econbiz.de/10014128751

A General Equilibrium Analysis of Personal Bankruptcy Law

von Lilienfeld‐Toal, Ulf; Mookherjee, Dilip - 2016

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...

Persistent link: https://www.econbiz.de/10014130280

Credit Risk, Liquidity and Lies

King, Thomas B.; Lewis, Kurt F. - 2016

We reexamine the relative effects of credit risk and liquidity in the interbank market using bank-level panel data on … sensitive to credit risk at the peak of the crisis. However, liquidity premia constitute the bulk of those spreads on average …, and Federal Reserve interventions coincide with improvements in liquidity at short maturities. Accounting for misreporting …

Persistent link: https://www.econbiz.de/10014130916

International Insolvency Case Venue in the European Union : The Parmnalat and Daisytek Controversies

Bufford, Samuel - 2015

The European Union Insolvency Regulation (the EU Regulation) is a giant step forward in promoting international cooperation among EU countries for cross-border insolvency proceedings. It adopts a modified universalist solution to cross-border proceedings insofar as they are located within the...

Persistent link: https://www.econbiz.de/10014132380

Center of Main Interests, International Insolvency Case Venue, and Equality of Arms : The Eurofood Decision and the European Court of Justice

Bufford, Samuel - 2015

This Article examines the Eurofood-E.C.J. decision and evaluates its impact on the decisions of the Irish and the Italian courts to open main insolvency cases for Eurofood. This Article also addresses the broader international insolvency law issues that the E.C.J. decision left open. Part II of...

Persistent link: https://www.econbiz.de/10014132446

Give Macroeconomic Stability and Growth in Russia a Chance. Harden Budgets by Eliminating Non-Payments

Pinto, Brian; Drebentsov, Vladimir; Morozov, Alexander - 2015

This paper identifies and investigates conceptual and empirical links among Russia?s disappointing growth performance of the mid-1990s, its costly and eventually unsuccessful stabilization, the macroeconomic meltdown of 1998 and the spectacular rise of non-payments. Non-payments developed into a...

Persistent link: https://www.econbiz.de/10014133717

Cross Border Insolvency and the Challenges of the Global Corporation Evaluating Globalization and Stakeholder Predictability Through the Uncitral Model Law on Cross Border Insolvency and the European Union Insolvency Regulation

Bernardo, Pedro Jose - 2014

While the intent of dominant cross border insolvency regimes such as the UNCITRAL Model Law and the European Union Insolvency Regulation on Cross Border Insolvency is to “universalize” the resolution of corporations operating across various jurisdictions, the ideal outcome of maximizing firm...

Persistent link: https://www.econbiz.de/10014167661

Canadian Business Bankruptcy

Puri, Poonam - 2013

This chapter is intended to provide a concise and current summary of corporate bankruptcy and reorganization in Canada, under the Bankruptcy and Insolvency Act and the Companies’ Creditors and Arrangements Act. Consumer bankruptcy and reorganization will be briefly touched on. This chapter is...

Persistent link: https://www.econbiz.de/10014168369

Social Networks and Personal Bankruptcy

Miller, Michelle M. - 2014

This paper examines the role of social networks in a household’s bankruptcy decision. Social networks may affect a household’s bankruptcy decision in many ways: they could provide information about the required paperwork, recommend an attorney, reduce the stigma associated with bankruptcy,...

Persistent link: https://www.econbiz.de/10014168563

The Impact of Filing Bankruptcy on Environmental Protection : Police Power and the Automatic Stay 11 U.S.C. § 362

Termini, Roseann B. - 2012

Enforcement of environmental regulations and bankruptcy reorganization are diametrically opposed. A challenge exists to effectuate policies underlying state environmental legislation and federal bankruptcy legislation. These areas are of particular interest because of public concern for...

Persistent link: https://www.econbiz.de/10014169031