scholarly journals The Bankruptcy-Law Safe Harbor for Derivatives: A Path-Dependence Analysis

Author(s):  
Steven L. Schwarcz ◽  
Ori Sharon
2007 ◽  
Vol 3 (2) ◽  
pp. 203-225 ◽  
Author(s):  
BRADLEY A. HANSEN ◽  
MARY ESCHELBACH HANSEN

Abstract:We illustrate mechanisms that can give rise to path dependence in legislation. Specifically, we show how debtor-friendly bankruptcy law arose in the United States as a result of a path dependent process. The 1898 Bankruptcy Act was not regarded as debtor-friendly at the time of its enactment, but the enactment of the law gave rise to changes in interest groups, changes in beliefs about the purpose of bankruptcy law, and changes in the Democratic Party's position on bankruptcy that set the United States on a path to debtor-friendly bankruptcy law. An analysis of the path dependence of bankruptcy law produces an interpretation that is more consistent with the evidence than the conventional interpretation that debtor-friendliness in bankruptcy law began with political compromises to obtain the 1898 Bankruptcy Act.


2020 ◽  
Vol 6 (1) ◽  
pp. 23
Author(s):  
Agus Riyanto

This article aims to describe the trajectory of the development of Sarekat Islam (SI) in the pre-independence era by using path dependence analysis and critical junctures. In this context, important political decisions made by the proto-Islamic party agents will identify various alternatives determined by their antecedent conditions, as well as a series of follow-up causal events after critical junctures as path dependence patterns that lead to an outcome or outcome of the development of the SI organization. explained that there were three stages of the development of the Sarekat Islam organization, which transformed into the Sarekat Islam Party (PSI) and the Indonesian Sarekat Islam Party (PSII) which were produced by three agent decisions in moments of critical juntures, namely the stages of growth, division and decline. Key word : Critical junctures, Path dependence, the proto- Islamic


2021 ◽  
Author(s):  
Qianqian Zhang ◽  
Yao Zhang ◽  
Xiaohong Li ◽  
Bin Wu

2019 ◽  
Vol 35 (2) ◽  
pp. 167-179 ◽  
Author(s):  
Jin Xu ◽  
Martin Gorsky ◽  
Anne Mills

Abstract Although China’s community health system helped inspire the 1978 Alma Ata Declaration on Health for All, it currently faces the challenge of strengthening primary care in response to hospital sector dominance. As the world reaffirms its commitment towards primary health services, China’s recent history provides a salient case study of the issues at stake in optimizing the balance of care. In this study, we have used path dependence analysis to explain China’s coevolution of hospital and primary care facilities between 1949 and 2018. We have identified two cycles of path-dependent development (1949–78 and 1978–2018) involving four sets of institutions related to medical professionalization, financing, organization and governance of health facilities. Both cycles started with a critical juncture amid a radically changing societal context, when institutions favouring hospitals were initiated or renewed, leading to a process of self-reinforcement empowering the hospitals. Later in each cycle, events occurred that modified this hospital dominance. However, pro-primary care policies during these conjunctures encountered resilience from the existing institutional environment. The result was continued consolidation of hospital dominance over the long term. These recurrent constraints suggest that primary care strengthening is unlikely to be successful without a comprehensive set of policy reforms driven by a primary care coalition with strong professional, bureaucratic and community stakes, co-ordinated and sustained over a prolonged period. Our findings imply that it is important to understand the history of health systems in China, where the challenges of health systems strengthening go beyond limited resources and include different developmental paths as compared with Western countries.


2020 ◽  
pp. 51-81
Author(s):  
D. P. Frolov

The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundation of neo-institutional theory. Therefore, the community of new institutionalists implicitly blocks attempts of a serious revision of this dogmatics. The purpose of the article is to substantiate a post-institutional (alternative to the dominant neo-institutional discourse) value-oriented perspective for the development of transactional studies based on rethinking and combining forgotten theoretical alternatives. Those are Commons’s theory of transactions, Wallis—North’s theory of transaction sector, theory of transaction benefits (T. Sandler, N. Komesar, T. Eggertsson) and Zajac—Olsen’s theory of transaction value. The article provides arguments and examples in favor of broader explanatory possibilities of value-oriented transactional analysis.


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