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The rise in personal bankruptcies: the Eighth Federal Reserve District and beyond

  • Thomas A. Garrett

Personal bankruptcy filings in the United States increased, per capita, nearly 350 percent between 1980 and 2005. This paper first addresses the changes in economic and institutional factors that have occurred over the past 100 years, many of which have occurred in the past 30 years, which are likely contributors to the dramatic rise in personal bankruptcy filings seen across the country. These factors include a reduction in personal savings, an increase in consumer debt, the proliferation of revolving credit, changes to bankruptcy law, and a reduced social stigma associated with filing for bankruptcy. Given the availability of bankruptcy data at various levels of aggregation, the remaining sections of the paper contain results from several different empirical analyses of bankruptcy filings using various data sets. Careful attention is paid to personal bankruptcy filings in counties located in Eighth Federal Reserve District states.

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File URL: http://research.stlouisfed.org/publications/review/07/01/Garrett.pdf
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Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2007)
Issue (Month): Jan ()
Pages: 15-38

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Handle: RePEc:fip:fedlrv:y:2007:i:jan:p:15-38:n:v.89no.1
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  1. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics 75, Federal Reserve Bank of Minneapolis.
  2. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January.
  3. Jon P. Nelson, 1999. "Consumer Bankruptcy And Chapter Choice: State Panel Evidence," Contemporary Economic Policy, Western Economic Association International, vol. 17(4), pages 552-566, October.
  4. Reint Gropp & John Karl Scholz & Michelle White, 1996. "Personal Bankruptcy and Credit Supply and Demand," NBER Working Papers 5653, National Bureau of Economic Research, Inc.
  5. John M. Barron & Michael E. Staten & Stephanie M. Wilshusen, 2002. "The Impact Of Casino Gambling On Personal Bankruptcy Filing Rates," Contemporary Economic Policy, Western Economic Association International, vol. 20(4), pages 440-455, October.
  6. Richard Thalheimer & Mukhtar M. Ali, 2004. "The Relationship of Pari-mutuel Wagering and Casino Gaming to Personal Bankruptcy," Contemporary Economic Policy, Western Economic Association International, vol. 22(3), pages 420-432, 07.
  7. Kelly D. Edmiston, 2006. "A new perspective on rising nonbusiness bankruptcy filing rates : analyzing the regional factors," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 55-83.
  8. Jonathan Fisher, 2004. "Marital status and the decision to file for personal bankruptcy: A duration model approach," Journal of Economics and Finance, Springer, vol. 28(3), pages 348-360, September.
  9. Stan Sienkiewicz, 2001. "Credit cards and payment efficiency," Payment Cards Center Discussion Paper 01-02, Federal Reserve Bank of Philadelphia.
  10. Larry H. Filer II & Jonathan D. Fisher, 2005. "The Consumption Effects Associated with Filing for Personal Bankruptcy," Southern Economic Journal, Southern Economic Association, vol. 71(4), pages 837-854, April.
  11. Don J. Webber & Paul White & David O. Allen, 2005. "Income Convergence across U.S. States: An Analysis Using Measures of Concordance and Discordance," Journal of Regional Science, Wiley Blackwell, vol. 45(3), pages 565-589.
  12. Gerald Carlino & Leonard Mills, 1994. "Convergence and the U.S states: a time series analysis," Working Papers 94-13, Federal Reserve Bank of Philadelphia.
  13. Buckley, F H & Brinig, Margaret F, 1998. "The Bankruptcy Puzzle," The Journal of Legal Studies, University of Chicago Press, vol. 27(1), pages 187-207, January.
  14. Fan, Wei & White, Michelle J, 2003. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 543-67, October.
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