The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank … institutions must improve significantly in order to yield a stable equilibrium in which the optimal number of firms is liquidated …. However, in a particular range, improving institutions may even decrease the number of bad firms liquidated. …

intensifies. We find that the better the institutions and the more competitive the banking sector, the higher the bank's incentive …

intensifies. We find that the better the institutions and the more competitive the banking sector, the higher the bank's incentive …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank … institutions must improve significantly in order to yield a stable equilibrium in which the optimal number of firms is liquidated …. However, in a particular range, improving institutions may even decrease the number of bad firms liquidated. …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank … institutions must improve significantly in order to yield a stable equilibrium in which the optimal number of firms is liquidated …. However, in a particular range, improving institutions may even decrease the number of bad firms liquidated. …

intensifies. We find that the better the institutions and the more competitive the banking sector, the higher the bank’s incentive …

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank …. We show that institutions must improve significantly in order to yield a stable equilibrium in which the optimal number … of firms is liquidated. There is also a range where improving institutions may decrease the number of bad firms …