Corporate and consumer bankruptcy are defined by two principal features: a compulsory process and an identifiable set … of priorities to debtor property. These “rule of law” features reduce borrowing costs ex ante by, among other things …, discouraging rent-seeking ex post. Municipal bankruptcy, by contrast, despite apparent similarities, embodies a radically different …

In this paper it is argued that the slowness of the legislativesystem implies pre-commitment of legislation for at …

look at Norway from our earliest legislation: Did we experience collective action problems involving social dilemmas like … problems could be resolved through legislation. …