and of income losses following a crisis. She tests the validity of "insurance" and "liquidity" models of currency crisis …

"The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model … that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable … lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new …

government procurement costs. In addition, high technical requirements are likely to be imposed for these large-scale projects …, which will in turn add extra costs for the better quality of works and further limit bidder participation. The evidence …