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Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring

in markets right now and financial history to see what lessons can be taken away, including

interviews with some of the most interesting people in the world of finance. To learn more

about the podcast, visit onfinance.org.

After a decade of decline, bankruptcy filings around the world are on the rise. In the United States, business bankruptcy filings rose more than 40% last year, and non-business bankruptcy

filings rose by 16%.

Bankruptcies in England and Wales just hit a 30-year high, according to the latest figures.

In Japan, corporate bankruptcies involving a total liability of 10 million yen or more increased

year-on-year by more than 35%.

Germany's Federal Statistics Office announced that bankruptcies were up over 23% last year

and that they're seeing a growing number of business and individual applications for insolvency

in bankruptcy. Since June, monthly

double-digit growth rates have been consistently observed compared to the previous year,

according to the Federal Statistics Office. In Russia, bankruptcies are 60% higher than a year ago,

while in China where we hear about all sorts of economic distress,

the bankruptcy rate is still about a quarter of the rate in the United States.

The reason for this is not that the economy is doing better, but that the barriers to bankruptcy in China are so high

that struggling firms have no choice

...