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The Institution of Bankruptcy: Development, Problems, Areas of Reforming

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Author Info

  • Alexander Radygin

    (Gaidar Institute for Economic Policy)

  • Revold Entov

    (Gaidar Institute for Economic Policy)

  • Irina Mezheraups
  • Alina Gontmakher
  • Yuri Simachev

    (Interdepartmental Analytical Center)

  • Natalia Shmeleva
  • Mikhail Kuzyk
  • Harry Swain

Abstract

The research focuses on the analysis of the emergence of the institution of bankruptcy (insolvency) in Russia. More specifically, it centers on studying the evaluation of its legal base, specific purposes of its use in the national transition economy, motives and objects of application of the given procedures and development of the respective country-specific recommendations. While analyzing theoretical approaches to the problem of bankruptcy, the authors focus on market financial regulation mechanisms, forms and options of bankruptcy procedures, as well as evaluation of first results of application of the new, 2002–2004, Russian law. In parallel with the analysis of the Canadian experiences in the area of corporate bankruptcy, the authors consider economic fundamentals of bankruptcy and provide a review of the contemporary legal and law enforcement systems in this particular area.

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File URL: http://www.iep.ru/files/RePEc/gai/ppaper/123Radygin.pdf
File Function: Revised version, 2012
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Bibliographic Info

Paper provided by Gaidar Institute for Economic Policy in its series Published Papers with number 123.

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Length: 281 pages
Date of creation: 2005
Date of revision: 2012
Handle: RePEc:gai:ppaper:123

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Keywords: Russian economy; bankruptcy; corporate sector;

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  1. Gérard Roland, 2000. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262182033, December.
  2. Wruck, Karen Hopper, 1990. "Financial distress, reorganization, and organizational efficiency," Journal of Financial Economics, Elsevier, vol. 27(2), pages 419-444, October.
  3. Timothy C. G. Fisher & Jocelyn Martel, 1996. "Should We Abolish Chapter 11 : Evidence from Canada," CIRANO Working Papers 96s-22, CIRANO.
  4. Bebchuk, Lucian Arye, 2000. "Using options to divide value in corporate bankruptcy," European Economic Review, Elsevier, vol. 44(4-6), pages 829-843, May.
  5. Weiss, Lawrence A., 1990. "Bankruptcy resolution: Direct costs and violation of priority of claims," Journal of Financial Economics, Elsevier, vol. 27(2), pages 285-314, October.
  6. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2003. "Law, endowments, and finance," Journal of Financial Economics, Elsevier, vol. 70(2), pages 137-181, November.
  7. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-70, May.
  8. Povel, Paul, 1999. "Optimal "Soft" or "Tough" Bankruptcy Procedures," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(3), pages 659-84, October.
  9. Berkovitch, Elazar & Israel, Ronen, 1999. "Optimal Bankruptcy Laws across Different Economic Systems," Review of Financial Studies, Society for Financial Studies, vol. 12(2), pages 347-77.
  10. White, Michelle J, 1994. "Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructurings," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(2), pages 268-95, October.
  11. Bryant, John, 1981. "Bank Collapse and Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 13(4), pages 454-64, November.
  12. Baird, Douglas G & Morrison, Edward R, 2001. "Bankruptcy Decision Making," Journal of Law, Economics and Organization, Oxford University Press, vol. 17(2), pages 356-72, October.
  13. Hotchkiss, Edith Shwalb, 1995. " Postbankruptcy Performance and Management Turnover," Journal of Finance, American Finance Association, vol. 50(1), pages 3-21, March.
  14. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817, September.
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