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Credit Markets in Brazil: The Role of Judicial Enforcement and Other Institutions

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  • Armando Castelar Pinneiro
  • Célia Cabral

Abstract

Although much progress has been made in understanding the importance of institutional failure in explaining creditors` unwillingness to finance firms and individuals, the pertinent empirical literature still has an important shortcoming: it does not separate out the effects of legal protection, accounting standards and judicial enforcement. This paper tries to overcome this gap by analyzing the discrete effect of the quality of judicial enforcement on the performance of credit markets.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3066.

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Date of creation: Jun 1999
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Handle: RePEc:idb:wpaper:3066

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  1. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
  2. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-50, July.
  3. Tullio Jappelli & Marco Pagano, 1999. "Information Sharing in Credit Markets: International Evidence," Research Department Publications 3069, Inter-American Development Bank, Research Department.
  4. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
  5. Guinnane Timothy W., 1994. "A Failed Institutional Transplant: Raiffeisen's Credit Cooperatives in Ireland, 1894-1914," Explorations in Economic History, Elsevier, vol. 31(1), pages 38-61, January.
  6. Huppi, Monika & Feder, Gershon, 1989. "The role of groups and credit cooperatives in rural lending," Policy Research Working Paper Series 284, The World Bank.
  7. Guinnane, T. & Banerjee, A. & Besley, T., 1993. "Thy Neighbor's Keeper: the Design of a Credit Cooperative with Theory and a Test," Papers 705, Yale - Economic Growth Center.
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Citations

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Cited by:
  1. Ana Carla A. Costa & Joao M.P. De Mello, 2006. "Judicial Risk and Credit Market Performance: Micro Evidence from Brazilian Payroll Loans," NBER Working Papers 12252, National Bureau of Economic Research, Inc.
  2. Marcos Yamada Nakaguma, 2013. "Choosing the Form of Government: Theory and Evidence from Brazil," Working Papers, Department of Economics 2013_17, University of São Paulo (FEA-USP).
  3. Safavian, Mehnaz & Sharma, Siddharth, 2007. "When do creditor rights work?," Policy Research Working Paper Series 4296, The World Bank.
  4. Alberto Giovannini & Francesco Giavazzi, 2001. "A More Efficient Financial System for Improved Economic Performance : An Attempt at Identifying the Priorities," Revue d'Économie Financière, Programme National Persée, vol. 62(2), pages 71-81.
  5. Straub, Stéphane, 2005. "Informal sector: The credit market channel," Journal of Development Economics, Elsevier, vol. 78(2), pages 299-321, December.
  6. Tullio Jappelli & Marco Pagano, 2005. "Role and Effects of Credit Information Sharing," CSEF Working Papers 136, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  7. Mellati, Ali, 2008. "Uncertainty and investment in private sector: An analytical argument and a review of the economy of Iran," MPRA Paper 26655, University Library of Munich, Germany.
  8. Beck, H.T.L. & Crivelli, J. & W. Summerhill, W., 2005. "State bank transformation in Brazil: Choice and consequences," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125504, Tilburg University.
  9. Ana Carla Abrão Costa, 2004. "Sistemas Legais De Insolvência, Incentivos E Mercado De Crédito: Uma Abordagem Institucional," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 097, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  10. Farina, Vincenzo, 2005. "Corporate disclosure determinants: a cross-country investigation," MPRA Paper 5676, University Library of Munich, Germany.
  11. Beck, T.H.L., 2000. "Impediments to the development and efficiency of financial intermediation in Brazil," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3508411, Tilburg University.
  12. Araújo, Aloísio Pessoa de & Funchal, Bruno, 2005. "Past and Future of the Bankruptcy Law in Brazil and Latin America," Economics Working Papers (Ensaios Economicos da EPGE) 599, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  13. Alberto Giovannini & Francesco Giavazzi, 2001. "Un système financier plus efficient pour obtenir de meilleures performances économiques : une tentative d'identification des priorités," Revue d'Économie Financière, Programme National Persée, vol. 62(2), pages 79-91.

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