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- W1552903048 abstract "Bankruptcy (defaulting on one’s debts) acts as insurance if it allows default in cases of negative income shocks. However, whether bankruptcy provides insurance depends on the bankruptcy rules (the punishment for default) that is enforced. Bankruptcy rules can instead cause the consumer to be credit constrained. If debts are not fully enforceable, a rational lender may limit how much debt any borrowers are allowed to hold. This limit increases as the punishment for defaulting increases. The US provides a natural test of the theory since rules about which assets may be kept by the debtor, the state exemptions, when filing for bankruptcy differ dramatically across the different states. Regressions show that increasing the level of these exemptions causes less debt to be held by consumers. The paper also tests the theory more indirectly by regressing changes in the level, and in the standard deviation, of consumption, which suggests that bankruptcy provides insurance." @default.
- W1552903048 created "2016-06-24" @default.
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- W1552903048 date "2002-01-01" @default.
- W1552903048 modified "2023-09-27" @default.
- W1552903048 title "Consumer Bankruptcy Law, Credit Constraints and Insurance: Some Empirics" @default.
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