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Do casinos export bankruptcy?
Garrett, Thomas A.; Nichols, Mark W. - Federal Reserve Bank of St. Louis - 2005
This paper measures the extent to which destination resort casinos export bankruptcy back to visitors' home states … local bankruptcy. Using various survey data, we calculate the number of visits from each state to casino resort destinations …-of-state casino resorts have higher bankruptcy filings. This effect is dominant in the south, suggesting that casinos located in …
Persistent link: https://www.econbiz.de/10005352817
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Loan guarantees for consumer credit markets
Athreya, Kartik B.; Tam, Xuan S.; Young, Eric R. - Federal Reserve Bank of Richmond - 2011
Loan guarantees are arguably the most widely used policy intervention in credit markets, especially for consumers. This may be natural, as they have several features that, a priori, suggest that they might be particularly effective in improving allocations. However, despite this, little is...
Persistent link: https://www.econbiz.de/10009320869
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Entrepreneurship and the policy environment
Georgellis, Yannis; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2004
entrepreneurship. Specifically, we investigate whether marginal income tax rates and bankruptcy exemptions influence rates of …-shaped relationship between bankruptcy exemptions and entrepreneurship. …
Persistent link: https://www.econbiz.de/10005707771
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Optimal personal bankruptcy design : A Mirrlees approach
Grochulski, Borys - Federal Reserve Bank of Richmond - 2008
In this paper, we develop a normative theory of unsecured consumer credit and personal bankruptcy based on the optimal … unsecured debts in bankruptcy. The structure of this equilibrium and the associated restrictions on debt discharge closely match … the main qualitative features of personal credit markets and bankruptcy law that actually exist in the United States. …
Persistent link: https://www.econbiz.de/10005717282
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Personal-bankruptcy cycles
Garrett, Thomas A.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2010
This paper estimates the dynamics of the personal-bankruptcy rate over the business cycle by exploiting large cross …-state variation in recessions and bankruptcies. We find that bankruptcy rates are significantly higher than normal during a recession … and rise as a recession persists. After a recession ends, there is a hangover whereby bankruptcy rates begin to fall but …
Persistent link: https://www.econbiz.de/10008489207
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Are harsh penalties for default really better?
Athreya, Kartik B.; Tam, Xuan S.; Young, Eric R. - Federal Reserve Bank of Richmond - 2009
How might society ensure the allocation of credit to those who lack meaningful collateral? Two very different options that have each been pursued by a variety of societies through time and space are (i) relatively harsh penalties for default and, more recently, (ii) loan guarantee programs that...
Persistent link: https://www.econbiz.de/10005009950
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Endogenous credit limits with small default costs
Azariadis, Costas; Kaas, Leo - Federal Reserve Bank of St. Louis - 2012
We analyze an exchange economy of unsecured credit where borrowers have the option to declare bankruptcy in which case …
Persistent link: https://www.econbiz.de/10010585880
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On the optimality of Ramsey taxes in Mirless economies
Grochulski, Borys - Federal Reserve Bank of Richmond - 2010
personal bankruptcy to obtain insurance. Taxes are levied to fund government expenditures. An optimal tax system consists of …
Persistent link: https://www.econbiz.de/10008764358
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A quantitative theory of information and unsecured credit
Athreya, Kartik; Tam, Xuan S.; Young, Eric R. - Federal Reserve Bank of Richmond - 2011
) rising bankruptcy rates and discharge in bankruptcy, (4) rising dispersion in interest rates across households, and (5) the …
Persistent link: https://www.econbiz.de/10005387445
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The anatomy of U.S. personal bankruptcy under Chapter 13
Eraslan, Hülya; Li, Wenli; Sarte, Pierre-Daniel G. - Federal Reserve Bank of Richmond - 2007
By compiling a novel dataset from bankruptcy court dockets recorded in Delaware between 2001 and 2002, we build and … estimate a structural model of Chapter 13 bankruptcy. This allows us to quantify how key debtor characteristics, including … whether they are experiencing bankruptcy for the first time, their past due secured debt at the time of filing, and income in …
Persistent link: https://www.econbiz.de/10004993867