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Are Fast Court Proceedings Good or Bad?: Evidence from Japanese Household Panel Data

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Author Info
Charles Yuji Horioka (Institute of Social and Economic Research - Osaka University)
Shizuka Sekita (JSPS - Japan Society for the Promotion of Science - Japan Society for the Promotion of Science)

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Abstract

We analyze the effect of the degree of judicial enforcement on the probability of credit constraints, the amount of loan and the probability of default. Contrary to the traditional view on judicial efficiency of credit market, our estimation results show that better judicial enforcement increases the probability of being rationed and decreases credit granted by banks, consistent with laziness effects. In order to confirm the laziness effect more directly, we analyzed the effect of the degree of judicial enforcement on the probability of default and found that better judicial enforcement increases the probability of default, as expected.

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Paper provided by HAL in its series Post-Print with number halshs-00407674_v1.

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Date of creation: 2009
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Handle: RePEc:hal:journl:halshs-00407674_v1

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Related research
Keywords: Judicial enforcement; Credit allocation; Bankruptcy;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jappelli, Tullio, 1990. "Who Is Credit Constrained in the U.S. Economy?," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 219-34, February. [Downloadable!] (restricted)
  2. Daniela FABBRI & Mario PADULA, 2003. "Does Poor Legal Enforcement Make Households Credit-Constrained?," FAME Research Paper Series rp81, International Center for Financial Asset Management and Engineering. [Downloadable!]
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  3. Alberto Zazzaro, 2005. "Should Courts Enforce Credit Contracts Strictly?," Economic Journal, Royal Economic Society, vol. 115(500), pages 166-184, 01. [Downloadable!] (restricted)
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  4. Scott Fay & Erik Hurst & Michelle J. White, 2002. "The Household Bankruptcy Decision," American Economic Review, American Economic Association, vol. 92(3), pages 706-718, June. [Downloadable!]
  5. Gropp, Reint & Scholz, John Karl & White, Michelle J, 1997. "Personal Bankruptcy and Credit Supply and Demand," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 217-51, February.
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  6. Jappelli, Tullio & Pagano, Marco & Bianco, Magda, 2005. "Courts and Banks: Effects of Judicial Enforcement on Credit Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(2), pages 223-44, April.
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This page was last updated on 2009-11-28.

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