A challenge to normativity and economic theory, the case ofdebtors movements
Due to contemporary economic situation, with systemic financial and real economy crisis, many studies started to investigate the nature of debt. Not that the subject (and its controversy) was ignored before, but one of the major limit of current theory is the uniformity of treatment and analysis as if there were no fundamental difference in the variety of debt, bankruptcy and possible bailout with no relevant distinctions in terms of causes, categories of agents involved and respective relationships, normative framework and uses of the loan money. Economic theory defines debt as a relationship between someone with surplus of money and somebody in “need”, with a temporal partition between one exchange and the other. Distinct models for different loan types are necessary, in particular when related to norms and social concept of justice, such as the issues raised by debt revolts, debt imprisonments and debt slavery. Debtors’ movements appeared in different situation, but generally have in common the type of debtors involved: household or small family-level businessmen that experience great pressure related to collaterals nature. Insolvency highly influences welfare, both in terms of reputation in their social network, and in terms of material life. This characteristic reveals itself to be crucial in the study, both for the birth and rise of movements, and for the comprehension of the moral and power mechanisms that withstand this kind debt, and should give economic theory a starting point to develop new types of models on debts.
|Date of creation:||Mar 2014|
|Contact details of provider:|| Postal: Lungo Dora Siena 100, I-10153 Torino|
Phone: +39 011670 4406
Fax: +39 011670 3895
Web page: http://www.unito.it/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David de Meza & David C. Webb, 1987. "Too Much Investment: A Problem of Asymmetric Information," The Quarterly Journal of Economics, Oxford University Press, vol. 102(2), pages 281-292.
- Kathrin Berensmann & Angélique Herzberg, 2009. "Sovereign Insolvency Procedures - A Comparative Look At Selected Proposals," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 856-881, December.
- Alexopoulos, Michelle & Domowitz, Ian, 1998.
"Personal Liabilities and Bankruptcy Reform: An International Perspective,"
Wiley Blackwell, vol. 1(1), pages 127-159, October.
- Michelle Alexopoulos & Ian Domowitz, "undated". "Personal Liabilities and Bankruptcy Reform: An International Perspective," IPR working papers 98-8, Institute for Policy Resarch at Northwestern University.
- Oded Galor & Joseph Zeira, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Oxford University Press, vol. 60(1), pages 35-52.
- Galor, Oded & Zeira, Joseph, 1988. "Income Distribution and Macroeconomics," MPRA Paper 51644, University Library of Munich, Germany, revised 01 Sep 1989.
- Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
- Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 458-482, Autumn.
- Herman, Barry, 2003. "Unfinished business in the international dialogue on debt," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
- Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 274-298, April.
- Abhijit V. Banerjee & Andrew F. Newman, 1990. "Occupational Choice and the Process of Development," Discussion Papers 911, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Manasse, Paolo & Roubini, Nouriel, 2009. ""Rules of thumb" for sovereign debt crises," Journal of International Economics, Elsevier, vol. 78(2), pages 192-205, July.
- Paolo Manasse & Nouriel Roubini, 2005. "'Rules of Thumb' for Sovereign Debt Crises," International Finance 0509003, EconWPA.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "A Decade of Debt," Central Banking, Analysis, and Economic Policies Book Series, in: Miguel Fuentes D. & Claudio E. Raddatz & Carmen M. Reinhart (ed.), Capital Mobility and Monetary Policy, edition 1, volume 18, chapter 4, pages 97-135 Central Bank of Chile.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6222, November.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2011. "A Decade of Debt," CEPR Discussion Papers 8310, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," NBER Working Papers 16827, National Bureau of Economic Research, Inc.
- Stiglitz, Joseph E, 1989. "Markets, Market Failures, and Development," American Economic Review, American Economic Association, vol. 79(2), pages 197-203, May.
- Stanley D. Longhofer, 2004. "Protection for Whom? Creditor Conflict and Bankruptcy," American Law and Economics Review, Oxford University Press, vol. 6(2), pages 249-284.
- John Gathergood, 2012. "Debt and Depression: Causal Links and Social Norm Effects," Economic Journal, Royal Economic Society, vol. 122(563), pages 1094-1114, 09.
- Keith M. Carlson, 1993. "On the macroeconomics of private debt," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 53-66.
- Gintis, Herbert, 1989. "Financial markets and the political structure of the enterprise," Journal of Economic Behavior & Organization, Elsevier, vol. 11(3), pages 311-322, May.
- Heaton, J. B., 2000. "Incomplete Financial Contracts and Non-contractual Legal Rules: The Case of Debt Capacity and Fraudulent Conveyance Law," Journal of Financial Intermediation, Elsevier, vol. 9(2), pages 169-183, April. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:uto:dipeco:201405. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Piero Cavaleri)or (Marina Grazioli)
If references are entirely missing, you can add them using this form.