There are large countercyclical fluctuations in U.S. bankruptcy filings and real credit card interest rates, while unsecured credit is pro-cyclical. This paper documents the facts and asks whether the predictions of incomplete market models with bankruptcy are consistent with these facts. We...

The United Africa Company (UAC), formed in 1929 by the fusion of the Niger Company and the African and Eastern Corporation, was by far the largest single commercial organization in West and Equatorial Africa, and thus central to modern African economic history. This is the first detailed account...