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Redistributive Taxation and Personal Bankruptcy in U.S. States

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  • Charles Grant
  • Winfried Koeniger

Abstract

Personal bankruptcy regulation and redistributive taxes and transfers vary considerably across U.S. states and over time. Our hypothesis is that both policies are imperfect substitutes in insuring consumption of risk-averse agents in incomplete markets. Exploiting data variation over time for 18 U.S. states for the period 1980-2003, we find considerable support for this hypothesis: redistributive taxation and bankruptcy exemptions are negatively correlated, and both policies are associated with more equal consumption growth. (c) 2009 by The University of Chicago. All rights reserved..

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File URL: http://www.journals.uchicago.edu/doi/pdf/10.1086/591477
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Bibliographic Info

Article provided by University of Chicago Press in its journal The Journal of Law and Economics.

Volume (Year): 52 (2009)
Issue (Month): 3 (08)
Pages: 445-467

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Handle: RePEc:ucp:jlawec:v:52:y:2009:i:3:p:445-467

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Web page: http://www.journals.uchicago.edu/JLE/

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Cited by:
  1. Rigmar Osterkamp, 2006. "Insolvency in selected OECD countries: Outcomes and regulations," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 4(1), pages 27-33, 04.
  2. Bertola, Giuseppe & Koeniger, Winfried, 2007. "Consumption Smoothing and Income Redistribution," CEPR Discussion Papers 6051, C.E.P.R. Discussion Papers.
  3. Bertola, Giuseppe & Koeniger, Winfried, 2006. "Consumption smoothing and liquidity income redistribution," CFS Working Paper Series 2006/34, Center for Financial Studies (CFS).
  4. Bertola, Giuseppe & Hochguertel, Stefan, 2007. "Household debt and credit: Economic issues and data problems," CFS Working Paper Series 2007/32, Center for Financial Studies (CFS).
  5. Rigmar Osterkamp, 2006. "Insolvenzen in ausgewählten OECD-Ländern - Umfang, Tendenzen, Gesetze," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 59(09), pages 22-29, 05.
  6. Thomas Hintermaier & Winfried Koeniger, 2009. "Debt Portfolios," Working Papers 646, Queen Mary, University of London, School of Economics and Finance.
  7. Burcu Duygan-Bump & Charles Grant, 2008. "Household debt repayment behaviour: what role do institutions play?," Risk and Policy Analysis Unit Working Paper QAU08-3, Federal Reserve Bank of Boston.

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