Spatial variations in personal insolvency choices: The role of stigma and social capital
研究了英格兰和威尔士各地个人债务人选择破产或个人自愿安排的空间差异，发现社会资本（如年龄、流动性、房屋所有权）与选择个人自愿安排正相关，污名成本解释了个人自愿安排的高增长悖论。
This article offers an explanation for the wide spatial variations in choice of insolvency route by personal debtors across local authorities in England and Wales. It is argued that formal bankruptcy has a more negative impact on social capital through stigma effects than the alternative of Individual Voluntary Arrangements. Consequently, spatial variations in choices are related to variations in social capital. The hypotheses derived from this approach are tested through the use of spatial econometric models utilising data from England and Wales. The results provide support for a positive link between variables related to social capital (age, mobility and home ownership) and choice of IVAs. It is argued that avoidance of stigma costs provides an explanation for the apparent paradox of the significant growth of IVAs despite their high cost to debtors compared to bankruptcy. Whilst there is only limited support for impacts directly related to the urban-rural environment, significant spatial interdependencies in choices across neighbouring areas are also uncovered.