Socio-economic framework for the design of national household insolvency systems

IF 3.2 2区经济学 Q1 ECONOMICS

Socio-Economic Review Pub Date : 2023-03-23 DOI:10.1093/ser/mwad011

Xiaojing Wang, A. Ward

引用次数: 0

Abstract

Lessons learned in the aftermath of the Financial Crisis of 2008 include that long, punitive household insolvency regimes have a negative societal impact, increase the potential for financial instability and hamper national economic recovery. We propose the Socio-Economic Framework for Household Insolvency System Design as a regulatory mechanism that aims to control national household debt and productivity levels. The system facilitates an informal resolution of the conflict between over-indebted households and their creditors. When this is not possible, the system grants immediate relief to no-income, no-assets and ‘honest’ households, that experienced over-indebtedness because of an external negative shock, such as a medical emergency. Finally, when the household does not qualify for immediate relief, the system allocates the costs of insolvency between the household and creditors, based on responsibility for the over-indebtedness. This reduces the moral hazard.

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国家家庭破产制度设计的社会经济框架

2008年金融危机后的经验教训包括，长期惩罚性的家庭破产制度会产生负面的社会影响，增加金融不稳定的可能性，并阻碍国家经济复苏。我们提出了家庭破产制度设计的社会经济框架，作为一种旨在控制国家家庭债务和生产力水平的监管机制。该制度有助于非正式解决过度负债家庭与其债权人之间的冲突。当这不可能实现时，该系统会立即为没有收入、没有资产和“诚实”的家庭提供救济，这些家庭因外部负面冲击（如医疗紧急情况）而负债过重。最后，当家庭没有资格获得立即救济时，该制度根据过度负债的责任在家庭和债权人之间分配破产成本。这减少了道德风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Socio-Economic Review Multiple-

CiteScore

6.80

自引率

10.80%

发文量

期刊介绍： Originating in the Society for the Advancement of Socio-Economics (SASE), Socio-Economic Review (SER) is part of a broader movement in the social sciences for the rediscovery of the socio-political foundations of the economy. Devoted to the advancement of socio-economics, it deals with the analytical, political and moral questions arising at the intersection between economy and society. Articles in SER explore how the economy is or should be governed by social relations, institutional rules, political decisions, and cultural values. They also consider how the economy in turn affects the society of which it is part, for example by breaking up old institutional forms and giving rise to new ones. The domain of the journal is deliberately broadly conceived, so new variations to its general theme may be discovered and editors can learn from the papers that readers submit. To enhance international dialogue, Socio-Economic Review accepts the submission of translated articles that are simultaneously published in a language other than English. In pursuit of its program, SER is eager to promote interdisciplinary dialogue between sociology, economics, political science and moral philosophy, through both empirical and theoretical work. Empirical papers may be qualitative as well as quantitative, and theoretical papers will not be confined to deductive model-building. Papers suggestive of more generalizable insights into the economy as a domain of social action will be preferred over narrowly specialized work. While firmly committed to the highest standards of scholarly excellence, Socio-Economic Review encourages discussion of the practical and ethical dimensions of economic action, with the intention to contribute to both the advancement of social science and the building of a good economy in a good society.