In ihren früheren Veröffentlichungen hatten die drei an diesem Bericht beteiligten Institute die zentrale Rolle einschneidender institutioneller Reformen für die wirtschaftliche Entwicklung Rußlands betont. Mittlerweile scheint sich die Einschätzung der Institute zu bewahrheiten, daß im...

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, lenders may charge higher interest rates or...

The paper discusses some major lessons to be learnt from the application of bankruptcy law in a post-communist environment. Its focus is on East Central Europe because elsewhere bankruptcy law is of rather limited practical relevance. The incentives and the selection of trustees turn out to be...

Im Jahr 1999 löste eine neue Insolvenzordnung (InsO) die Konkurs-, Vergleichs- und Gesamtvollstreckungsordnung ab. Die vorliegende Studie analysiert die wirtschaftlichen, sozialen und finanziellen Auswirkungen dieser Rechtsänderungen auf mittelständische Unternehmen, die als Gläubiger oder...

Both personal bankruptcy and redistributive taxes can insure households' consumption risk and both vary considerably across US states. We derive sufficient conditions under which more redistributive taxation makes bankruptcy exemptions less attractive both for the intratemporal insurance and for...

The report provides an analysis of the financial crisis of 2007/2008 and draws some conclusions about the need for regulatory reform. The analysis ascribes the crisis not only to problems in subprime mortgage lending and securitization, but also to excessive maturity transformation and...

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, lenders may charge higher interest rates or...

Insolvency and debt recovery procedures are as crucial to a well-performing financial sector as credit provision itself. They are even more important in Africa, where attempts are underway to create fully-fledged financial markets. For the financial system to be credible, creditors must be...

Betrachtet man Umfang und Entwicklungstendenzen von Unternehmens- und Privatinsolvenzen in ausgewählten OECD-Ländern, so weisen die beiden Arten von Insolvenzen eine unterschiedliche Dynamik auf. In Deutschland haben sich die Unternehmensinsolvenzen nicht nur seit 1990, also nach der...