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Why do spanish firms rarely use the bankruptcy system? The role of the mortgage institution

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  • Miguel García-Posada

    ()
    (Banco de España)

  • Juan S. Mora-Sanguinetti

    ()
    (Banco de España)

Abstract

Taking advantage of a rich database of more than 1 million companies in Spain, France and the U.K., we propose and test a hypothesis to explain why Spain has one of the world’s lowest business bankruptcy rates, even during the current economic crisis and after controlling for market exit rates. This hypothesis is based on two premises, the low efficiency of the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the unattractiveness of the personal bankruptcy law

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/12/Fich/dt1234e.pdf
File Function: First version, September 2012
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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 1234.

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Length: 54 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:bde:wpaper:1234

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Keywords: Bankruptcy; mortgage; insolvency;

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  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  2. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, . "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
  3. Schneider, Friedrich G. & Buehn, Andreas, 2007. "Shadow economies and corruption all over the world: revised estimates for 120 countries," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 1(9 (Versio), pages 1-53.
  4. Césaire A. Meh & Yaz Terajima, 2008. "Unsecured Debt, Consumer Bankruptcy, and Small Business," Working Papers 08-5, Bank of Canada.
  5. Viral V. Acharya & Krishnamurthy V. Subramanian, 2009. "Bankruptcy Codes and Innovation," Review of Financial Studies, Society for Financial Studies, vol. 22(12), pages 4949-4988, December.
  6. Beck, Nathaniel & Katz, Jonathan N., 2000. "Throwing out the Baby with the Bath Water: A Comment on Green, Yoon and Kim," Working Papers 1090, California Institute of Technology, Division of the Humanities and Social Sciences.
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Cited by:
  1. Miguel García-Posada & Juan S. Mora-Sanguinetti, 2013. "Are there alternatives to bankruptcy? a study of small business distress in Spain," Banco de Espa�a Working Papers 1315, Banco de Espa�a.
  2. Alessandra Amendola & Marialuisa Restaino & Luca Sensini, 2013. "Corporate Financial Distress And Bankruptcy: A Comparative Analysis In France, Italy And Spain," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences & Institute for World Economy of the Romanian Academy, vol. 1(2), pages 131-142, November.

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