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Creditor Protection and Credit Response to Shocks

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  • Arturo José Galindo
  • Alejandro Micco

Abstract

This article studies the relationship between creditor protection and credit responses to macroeconomic shocks. Using a data set on legal determinants of finance in a panel of data on aggregate credit growth for 79 countries during 1990--2004, it is shown that credit is more responsive to external shocks in countries with weak legal creditor protection and weak enforcement. The results are statistically and economically significant and robust to alternative measures of creditor protection, to the inclusion of variables that reflect different stages of economic development, to the restriction of the sample to only developing economies, to the controls for systemic crises, to alternative shock measures, and to vector autoregressive specifications. Copyright The Author 2007. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / the world bank . All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/wber/lhm016
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Bibliographic Info

Article provided by World Bank Group in its journal The World Bank Economic Review.

Volume (Year): 21 (2007)
Issue (Month): 3 (October)
Pages: 413-438

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Handle: RePEc:oup:wbecrv:v:21:y:2007:i:3:p:413-438

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Cited by:
  1. Hinh T. Dinh & George R.G. Clarke, 2012. "Performance of Manufacturing Firms in Africa : An Empirical Analysis," World Bank Publications, The World Bank, number 11959, October.
  2. Marie-Ange VEGANZONES-VAROUDAKIS & Patrick PLANE & Tidiane KINDA, 2011. "Firm Productivity and Investment Climate in Developing Countries: How Does Middle East and North Africa Manufacturing Perform?," Working Papers 201126, CERDI.
  3. T. Dinh, Hinh & Mavridis, Dimitris A. & Nguyen, Hoa B., 2010. "The binding constraint on firms'growth in developing countries," Policy Research Working Paper Series 5485, The World Bank.

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