The risk of default that business firms face is very significant and differs widely across countries. This paper … explores the links between countries' business conditions and international trade embedment and the default risk at the country … default risk of firms which operate in these environments. The predictions are in accord with readily available data. -- firm …

Using a country-industry panel dataset (EUKLEMS) we uncover a robust empirical regularity, namely that high-risk … ; sectoral allocation …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among … different groups of countries and examine how international financial integration has affected the evolution of risk sharing …

A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in … entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy … forgiving personal bankruptcy law are less relevant for wealthy potential entrepreneurs who still risk losing their wealth, but …

and price of unsecured debt. -- household debt portfolios ; housing ; collateral ; bankruptcy ; commitment ; income risk …

Udry (1996) uses household survey data and finds that the allocation of resources within households is Pareto … years, households try to avoid losses from Pareto inefficiency. -- intrahousehold allocation ; collective household models …