Abstract
Abstract Comparisons between countries and over time indicate large differences in business bankruptcy rates. Standard causes of bankruptcy, which leave no explicit role for institutions and the law, do not adequately account for these differences. This chapter uses the arithmetic of bankruptcy rates to sort out and classify potential sources of variations in bankruptcy rates, distinguishing stock from flow variables and business bankruptcy from other business failures. It then relates cross-country differences in business bankruptcy rates to differences in the characteristics of country laws as well as basic aspects of production including organization and financing.
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