A Tort for Risk and Endogenous Bankruptcy

Conventional tort law bars victims of exposure to a toxic substance from filing suit until they actually develop symptoms of illness. Practically speaking, this rule often bars recovery due to bankruptcy and causal uncertainty. One solution is to allow victims to file at exposure for expected damages (a tort for risk). The trade-off is that such a rule may trigger a race to file among exposure victims, thereby itself inducing bankruptcy. This paper characterizes the conditions under which such a race will occur in equilibrium and examines the implications for social welfare.

Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops

Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less affected by external shocks. We reconcile these two observations using a calibrated DSGE model that extends the financial accelerator framework developed in Bernanke, Gertler, and Gilchrist (1999). The model captures financial market institutional quality with creditors. ability to recover assets from bankrupt firms. Bankruptcy costs affect vulnerability to sudden stops directly but also indirectly by affecting the degree of liability dollarization. Simulations reveal an inverted U-shaped relationship between bankruptcy recovery rates and the output loss following sudden stops. We provide empirical evidence that this non-linear relationship exists.

Rules of the United States District court for the Northern district of Iowa, including rules in Bankruptcy, as amended and revised to April 1, 1924.

Mode of access: Internet.

Bankruptcy rules of the United States District court for the district of Colorado.

Mode of access: Internet.

Bankruptcy rules of the United States District court for the district of Idaho.

Mode of access: Internet.

Rules of the District court of the United States for the district of New Jersey ; general, admiralty, bankruptcy, adopted January 1, 1933.

Mode of access: Internet.

General rules and bankruptcy rules for the United States District court for the Northern district of Oklahoma.

Mode of access: Internet.

Rules of the court and rules in bankruptcy, effective 1 February 1959.

Mode of access: Internet.

Referees in bankruptcy : Hearings before the special subommittee on bankruptcy and reorganization, 79th ong. 1st sess. on H.R. 33 and H.R. 3338. June 25 and 26, 1945. Serial no. 4.

Mode of access: Internet.

Bankruptcy act : memorandum by Solicitor-General relative to S. 3866 and H.R. 9968, to amend the Bankruptcy act.

At head and foot of title: 72d Congress, 2d sesion. Senate committee print. Printed for the use of the Committee on the Judiciary.

Analysis of H.R. 12889 : a bill to amend an act entitled "An act to establish a uniform system of bankruptcy throughout the United States" approved July 1, 1898, and acts amendatory thereof and supplementary thereto and to repeal section 76 thereof and all acts and parts of acts inconsistent therewith /

"Containing amendments proposed by the National Bankruptcy Conference."

Railroad reorganization : Hearing before the Special subcommittee on bankruptcy and reorganization of the Committee on the judiciary, House of representatives, seventy-sixth Congress, first session on S. 1869; an act to protect interstate commerce from the dangers of unsound financial structures and to establish improved procedures and standards for financial rehabilitation of railroads engaged in interstate commerce, and for other purposes.

Serial no. 11.

To establish a uniform system of bankruptcy : June 15 (calendar day, June 18), 1934 : ordered to be printed.

Caption title.

Rules in bankruptcy of the District court of the United States for the Northern district of Indiana, effective January 2, 1945.

Mode of access: Internet.

The bankruptcy of religion,

"Issued for the Rationalist Press Association, Limited."--t.p.