| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w14549
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| 来源ID | Working Paper 14549
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| Bankruptcy: Past Puzzles, Recent Reforms, and the Mortgage Crisis |
| Michelle J. White
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| 发表日期 | 2008-12-11
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| 出版年 | 2008
|
| 语种 | 英语
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| 摘要 | This paper discusses four bankruptcy-related policy issues. First, what is the economic rationale for having a bankruptcy procedure at all and what defines an economically efficient bankruptcy procedure? Second, why did the number of U.S. bankruptcy filings increase so dramatically between 1980 and 2005? Third, a major bankruptcy reform went into effect in the U.S. in 2005--what did it do and how did it affect credit and mortgage markets? Finally, the paper discusses the mortgage crisis, the high social cost of foreclosures, and the difficulty of avoiding foreclosure by voluntarily renegotiation of mortgage contracts, even when such renegotiations are in the joint interest of debtors and creditors. I also discuss the pros and cons of government programs to refinance mortgages and the possibility of giving bankruptcy judges new power to change the terms of mortgage contracts in bankruptcy. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Financial Economics
; Other
; Law and Economics
; Regional and Urban Economics
; Real Estate
|
| URL | https://www.nber.org/papers/w14549
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572223
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推荐引用方式
GB/T 7714 |
Michelle J. White. Bankruptcy: Past Puzzles, Recent Reforms, and the Mortgage Crisis. 2008.
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文件名：
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w14549.pdf
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格式：
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Adobe PDF
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