Debt Enforcement Around the World

Andrei Shleifer, Caralee McLiesh, Oliver Hart and Simeon Djankov

Scholarly Articles from Harvard University Department of Economics

Abstract: Insolvency practitioners from 88 countries describe how debt enforcement will proceed against an identical hotel about to default on its debt. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern vs. piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. This measure is strongly correlated with per capita income and legal origin and predicts debt market development. Several characteristics of debt enforcement procedures, such as the structure of appeals and availability of floating charge finance, influence efficiency.

Date: 2008
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Citations: View citations in EconPapers (413)

Published in Journal of Political Economy

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Journal Article: Debt Enforcement around the World (2008)
Working Paper: Debt Enforcement Around the World (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hrv:faseco:2961825

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