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This paper analyzes the concept of municipal bankruptcy in a comparative framework with commercial bankruptcy. Cities are corporate bodies that continue to exist despite the ever changing identities of the residents. The common designation of cities as municipal corporations suggests an affinity between them and commercial corporations that would offer a bridge between commercial and municipal bankruptcy. Despite this apparent affinity, however, there are significant institutional differencesdoi:10.2139/ssrn.2273093 fatcat:opngaqux5vcl3gc5hubemw4rvi