کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967168 931163 2008 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Consumer durables and risky borrowing: The effects of bankruptcy protection
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Consumer durables and risky borrowing: The effects of bankruptcy protection
چکیده انگلیسی
There exist substantial differences in the generosity of bankruptcy protection across U.S. states. This paper exploits cross-state variation in exemption levels to assess the dual role of durable goods as informal collateral for unsecured debt and self-insurance against bad shocks to earnings. The generosity of bankruptcy protection is found to change both the incentives and the ability of households to accumulate durable wealth. The gains from a high level of insurance are reduced by the effect of tighter credit constraints, so that the net effects of a change in exemption are very small. A more generous bankruptcy regulation reduces net durable wealth in the first half of the life cycle. In addition, the optimal level of exemption is positive but low.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 55, Issue 8, November 2008, Pages 1441-1456
نویسندگان
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