Debt Enforcement around the World
| العنوان: | Debt Enforcement around the World |
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| المؤلفون: | Oliver Hart, Simeon Djankov, Andrei Shleifer, Caralee McLiesh |
| المصدر: | Journal of Political Economy. 116:1105-1149 |
| بيانات النشر: | University of Chicago Press, 2008. |
| سنة النشر: | 2008 |
| مصطلحات موضوعية: | Economics and Econometrics, Insolvency, media_common.quotation_subject, Monetary economics, Financing Policy, Financial Risk and Risk Management, jel:K2, Debt, Corporation and Securities Law K220, Sports [INTERDISCIPLINARY RESEARCH AREAS], Enforcement, media_common, Bankruptcy, Liquidation G330, Formal and Informal Sectors, Capital and Ownership Structure G320, Per capita income, jel:G33, Shadow Economy, Cost of capital, Gambling, Recreation, Tourism L830, Bond market, Business, Contract of sale, Institutional Arrangements O170 |
| الوصف: | We present insolvency practitioners from 88 countries with an identical case of a hotel about to default on its debt, and ask them to describe in detail how debt enforcement against this hotel will proceed in their countries. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern versus piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. We identify several characteristics of debt enforcement procedures, such as the structure of appeals and availability of floating charge finance, that influence efficiency. Our measure of efficiency of debt enforcement is strongly correlated with per capita income and legal origin and predicts debt market development across countries. Interestingly, it is also highly correlated with measures of the quality of contract enforcement and public regulation obtained in other studies. |
| تدمد: | 1537-534X 0022-3808 |
| DOI: | 10.1086/595015 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::a542f8b1e3a7607be5c8ccc61cf0ce44 https://doi.org/10.1086/595015 |
| Rights: | OPEN |
| رقم الانضمام: | edsair.doi.dedup.....a542f8b1e3a7607be5c8ccc61cf0ce44 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 1537534X 00223808 |
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| DOI: | 10.1086/595015 |