It is well established in the literature that an independent judiciary can act as a signal of credibility by a sovereign state and as a guarantor of creditor rights. However, to date there has been little systematic work analyzing how an independent judiciary reacts to fiscal stress and...

It is well established in the literature that an independent judiciary can act as a signal of credibility by a sovereign state and also as a guarantor of creditor rights. However, to date there has been little systematic work analyzing how an independent judiciary reacts to fiscal stress and...

Through the nineteenth century numerous U.S. states developed extensive municipal fiscal constitutions. These generally came in the wake of financial crises and large-scale default of public debts. Although the constraints were imposed in order to minimize the likelihood that such outcomes would...

Constitutional scholars emphasize the importance of an enduring, stable constitutional order. North and Weingast (1989) argue that it consistent with credible commitments to sustainable fiscal policies. However, this view is controversial and has received little empirical study. We use...

This essay was written for inclusion in a volume about various European nations’ sources of authority and principles of procurement law (Les Principes des Contrats Publics en Europe, edited by Stephane de La Rosa and Patricia Valcarcel). It is not, however, an essay on comparative law. Rather,...

Dun's Review began publishing monthly data on bankruptcies by branch of business during the 1890s. Those series evolved through many iterations. This essay reconstructs the series from 1895 to 1935 and discusses how it can be used for economic analysis