feasible. This paper develops a two-country general equilibrium model to examine the benefits of the bankruptcy code of a … welfare of a currency union. When domestic credit risks are present, I show that a lenient bankruptcy code in the cross … risks; I show that softening the bankruptcy code can recoup the lost benefits of floating nominal exchange rates. The model …

In this paper, we analyze sequential bankruptcy problems, which generalize bankruptcy problems. They contain the … mechanisms for generalizing rules for bankruptcy problems to rules for sequential bankruptcy problems: the upwards, the downwards … compare the three mechanisms based on inheritance of well-established properties for bankruptcy rules to the setting of …

We introduce a new solution for bankruptcy problems that satisfies weaker versions of the Exemption en Exclusion … bankruptcy rule that satisfies both. However, weakening these conditions (by putting lower boundaries on what is considered to be … Exclusion property such that there is a unique bankruptcy rule that satisfies these two properties together with Consistency and …