. This is why business bankruptcy rates in Spain are among the lowest in the world, even during the current economic crisis …. To explain this fact we present the following hypothesis. Filing for bankruptcy in Spain is very costly for both small …

Taking advantage of a rich database of more than 1 million companies in Spain, France and the U.K., we propose and test … a hypothesis to explain why Spain has one of the world's lowest business bankruptcy rates, even during the current … the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the …

make the limited liability for mortgages the default rule for mortgages in Spain …