In this paper we study the political and economic determinants of US states' choices of homestead exemptions. We develop a political economy model in which homestead exemptions are ex-post beneficial to borrowers who default (because they shield some of their wealth from creditors) but ex-ante...

In Rubin and another v Eurofinance SA [2012] UKSC 46, the Supreme Court championed traditional English due-process protections to resolve a conflict between the rules applicable to enforcing foreign judgments and the principles guiding cross-border insolvencies. In doing so, the Supreme Court...

If the crisis was a test of the bankruptcy system and its ability to deal with the risks posed by modern finance, then the bankruptcy system failed. Well-designed financial networks have circuit breakers, but the exemption of securitized assets and derivatives trades from the bankruptcy process...