on default rates at state level in the US mortgage market. Using panel data techniques, we find a statistically …

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 …