the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We … youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low …

the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the …

, namely the mortgage system, mean that firms and their creditors mainly deal with credit provision and eventual insolvency … through the latter. However, in order to use the mortgage system, some firms must overinvest in capital assets (real estate …, equipment) since those are the assets that can be pledged as mortgage collateral. This overinvestment leads to productive …

main alternative procedure, the mortgage foreclosure; (ii) personal bankruptcy law is unattractive to the individual debtor …

tensions were triggered by concerns about exposures of financial institutions to the most risky segment of the US mortgage … markets -the so-called subprime mortgage market- and related financial instruments, which predominantly were related to … instruments. The first one played an important role in the initiation and propagation of the turmoil and includes mortgage …