Legal vs economic explanations of the rise in bankruptcies in XIXth century France
This paper aims at giving an explanation of the changes in the number of bankruptcies during the second part of the 19th century and the beginning of the 20th. We firstly study the evolution of the French insolvency law and then we introduce some regional aspects. We indeed observe that the court of the District of the Seine is more tolerant than the others; however this kind of use of the law will spread in the other courts until the reform in 1889 that creates the judicial liquidation. The special analysis permits us to show that the changes in the law do not explain the total variations of the total amount of bankruptcies. The local practices and, thus, the way the judicial agents act are also essential in the explanation.
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- Hart, Oliver & La Porta Drago, Rafael & Lopez-de-Silanes, Florencio & Moore, John, 1997.
"A new bankruptcy procedure that uses multiple auctions,"
European Economic Review,
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"The Economics of Bankruptcy Reform,"
NBER Working Papers
4097, National Bureau of Economic Research, Inc.
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- Philippe Aghion & Oliver Hart & John Moore, 1992. "The Economics of Bankruptcy Reform," CEP Discussion Papers dp0093, Centre for Economic Performance, LSE.
- Aghion, P. & Hart, O. & Moore, J., 1992. "The Economics of Bankruptcy Reform," Working papers 92-11, Massachusetts Institute of Technology (MIT), Department of Economics.
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