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- W1479889722 abstract "Limited personal liability for debts has long been justifled as a tool to promote entrepreneurial risk taking. Nonetheless, such limits erode repayment incentives, and so may increase unsecured borrowing costs. Given the tradeofi between credit costs and insurance against failure, how does liability policy matter for entrepreneurship? The main message of this paper is that limits to liability for debt repayment, especially those created by US law through the personal bankruptcy code, create a serious barrier to entrepreneurial activity, and decrease long-run welfare. Our results emerge from a model of entrepreneurial activity in which the limited liability for debts is treated in a historically relevant context: namely, that of risk-averse households investing heavily in risky, poorly diversiflable projects. Moreover, we flnd that limited liability signiflcantly alters the timing of self{ employment by shifting borrowing away from younger and poorer households, to older, richer ones. In sum, strict limits to liability impede credit markets, and do so in a way that is quite regressive." @default.
- W1479889722 created "2016-06-24" @default.
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- W1479889722 date "2006-01-01" @default.
- W1479889722 modified "2023-09-23" @default.
- W1479889722 title "Unsecured Credit and Self{Employment ⁄" @default.
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