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Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective

Author

Listed:
  • Jean-Charles Bricongne
  • Maria Demertzis
  • Peter Pontuch
  • Alessandro Turrini

Abstract

The high level of private debt in many EU countries has put a spotlight on the role that insolvency frameworks can play in helping to address debt overhangs and clean bank balance sheets of nonperforming loans. This paper reviews the macroeconomic relevance of insolvency frameworks from an EU perspective, discusses design issues of insolvency regimes and presents the main features of insolvency frameworks in selected EU Member States. It also reviews recently enacted reforms and examines remaining reform priorities from a macroeconomic perspective.

Suggested Citation

  • Jean-Charles Bricongne & Maria Demertzis & Peter Pontuch & Alessandro Turrini, 2016. "Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective," European Economy - Discussion Papers 032, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:032
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    Citations

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    Cited by:

    1. Gopalakrishnan, Balagopal & Mohapatra, Sanket, 2020. "Insolvency regimes and firms' default risk under economic uncertainty and shocks," Economic Modelling, Elsevier, vol. 91(C), pages 180-197.
    2. Lara Wemans & Manuel Coutinho Pereira, 2022. "Characteristics of parties and duration of insolvency cases in Portugal," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    3. Consolo, Agostino & Malfa, Federica & Pierluigi, Beatrice, 2018. "Insolvency frameworks and private debt: an empirical investigation," Working Paper Series 2189, European Central Bank.
    4. International Monetary Fund, 2016. "Bulgaria: Selected Issues Paper," IMF Staff Country Reports 2016/345, International Monetary Fund.
    5. Valiante, Diego, 2016. "Harmonising Insolvency Laws in the Euro Area: Rationale, stocktaking and challenges," CEPS Papers 12024, Centre for European Policy Studies.
    6. P. Butzen & S. Cheliout & E. De Prest & S. Ide & W. Melyn, 2016. "Why is investment in the euro area continuing to show only weak recovery ?," Economic Review, National Bank of Belgium, issue ii, pages 81-98, september.
    7. Romanos Priftis & Anastasia Theofilakou, 2021. "Growth effects of corporate balance sheet adjustments in the EU," Empirical Economics, Springer, vol. 60(2), pages 773-801, February.
    8. Verreydt, Mathias & Dewaelheyns, Nico & Van Hulle, Cynthia, 2022. "Time is money: An analysis of the time-to-failure in a flexible reorganization system," Finance Research Letters, Elsevier, vol. 46(PA).

    More about this item

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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