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- W2898571173 abstract "With his characteristic comprehensiveness, David Skeel has tied together the multiple fiscal crises that we face domestically and internationally, found their common features, and suggested how the fiscal position of municipalities and sovereigns both resembles and varies from the fiscal positions of states in a federal system. Along the way, he incorporates the constitutional debates about the extent to which the federal government can induce-or compel-states to adhere to specific financial obligations, the issues of institutional design that determine whether hierarchical or market structures best serve intergovernmental fiscal responsibilities, and the consequences that fiscal distress in one jurisdiction imposes on other jurisdictions. He does this in the service of discovering a restructuring mechanism, what he calls bankruptcy, that can optimally resurrect a financially failing state while fairly distributing available assets to all stakeholders-creditors, residents, and employees. In combination with his prior work on the issue of state bankruptcy, which has done nothing less than initiate a cottage industry in legal academia, his current Article is a tour de force. Environmentalists may complain about Professor Skeel's responsibility for the decimation of forests so that law professors could address the issues that he has raised. But those in the multiple fields of municipal finance, bankruptcy, and local government law generally are in his debt.I find sufficiently little to disagree with in what Professor Skeel has written that my remarks might seem superfluous. What I would like to do, however, is to extend some of his points and to raise a few issues about some of the implicit, and sometimes explicit assumptions that lead him to prefer formal bankruptcy procedures for states. In what follows, I do not deny the possibility that state bankruptcy could generate substantial benefits. Instead, I focus on the potential by-products of such a regime and on how the incentive effects created by its availability could alter the behavior of creditors, states, and the federal government. Once these by-products are taken into account, the net benefits of state bankruptcy are less certain. My comments, therefore, are meant as a cautionary tale and an admonition to consider the strategic consequences of introducing a state bankruptcy regime rather than as a refutation of Professor Skeel's position." @default.
- W2898571173 created "2018-11-02" @default.
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- W2898571173 date "2013-04-21" @default.
- W2898571173 modified "2023-09-23" @default.
- W2898571173 title "Bankruptcy and Its By-Products: A Comment on Skeel" @default.
- W2898571173 hasPublicationYear "2013" @default.
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