全球智库信息集成服务系统(G2TT): Bankruptcy and Investment: Evidence from Changes in Marital Property Laws in the U.S. South, 1840-1850

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21952
来源ID	Working Paper 21952
	Bankruptcy and Investment: Evidence from Changes in Marital Property Laws in the U.S. South, 1840-1850
	Peter Koudijs; Laura Salisbury
发表日期	2016-02-08
出版年	2016
语种	英语
摘要	We study the impact of the introduction of a form of bankruptcy protection on household investment in the U.S. South in the 1840s, which predated modern bankruptcy laws. During this period, certain southern states passed laws that protected married women's property from seizure in the case of insolvency, amending the common law default which vested a wife's property in her husband and thus allowed it to be seized for the repayment of his debts. Importantly, these laws only applied to newlyweds. We compare couples married after the passage of a law with couples from the same state who married before the passage of a law. Since states passed laws at different points in time, we can exploit variation in protection conditional on state and year of marriage. We find that the effect on household investment was heterogeneous: if most household wealth came from the husband (wife), the law led to an increase (decrease) in investment. This is consistent with a simple model where downside protection leads to both an increase in the demand for credit and a reduction in supply. Demand effects will only dominate if a modest fraction of total wealth is protected.
主题	Financial Economics ; Corporate Finance ; Other ; Law and Economics ; History ; Financial History ; Labor and Health History
URL	https://www.nber.org/papers/w21952
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579626
推荐引用方式 GB/T 7714	Peter Koudijs,Laura Salisbury. Bankruptcy and Investment: Evidence from Changes in Marital Property Laws in the U.S. South, 1840-1850. 2016.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w21952.pdf（1008KB）	智库出版物		限制开放	CC BY-NC-SA	浏览