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dc.contributor.authorFossen, Frank M.en
dc.date.accessioned2011-10-07-
dc.date.accessioned2011-12-06T12:51:16Z-
dc.date.available2011-12-06T12:51:16Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/52524-
dc.description.abstractA personal bankruptcy law that allows for a fresh start after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or ration credit supply, which can hamper entrepreneurship. Both aspects of a more forgiving personal bankruptcy law are less relevant for wealthy potential entrepreneurs who still risk losing their wealth, but tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a model and tests the hypotheses derived by exploiting the introduction of a fresh start policy in Germany in 1999 as a natural experiment, based on representative household panel data. The results indicate that the insurance effect of a more forgiving personal bankruptcy law exceeds the interest effect and on balance encourages less wealthy individuals to enter into entrepreneurship.en
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x1100en
dc.subject.jelK35en
dc.subject.jelG33en
dc.subject.jelL26en
dc.subject.ddc330en
dc.subject.keywordpersonal bankruptcy lawen
dc.subject.keywordinsolvencyen
dc.subject.keywordentrepreneurshipen
dc.subject.keywordfresh starten
dc.titlePersonal bankruptcy law, wealth and entrepreneurship: Theory and evidence from the introduction of a "fresh start"-
dc.typeWorking Paperen
dc.identifier.ppn669455016en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp1100en

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