1. Introducing statutory priorities in corporate solvency -- 2. The evolution of statutory priorities -- 3. Theoretical perspectives and visions for statutory priorities -- 4. The statutory priority of administrative expenses : a matter of rent, requisite expenses and administrator remuneration...

The paper explores a model of the intertemporal process of financial stabilization in a transition economy. We derive an empirical measure to assess whether the banking sector acts as a source of financial discipline, or as a short-term buffer for enterprise losses. Specifically, in the presence...

Creditor-friendly laws are generally associated with more credit to the private sector and deeper financial markets. But laws mean little if they are not upheld in the courts. The authors hypothesize that the effectiveness of creditor rights is strongly linked to the efficiency of contract...

This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...