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Protección de los acreedores y ciclos económicos

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  • Arturo Galindo

    ()

  • Alejandro Micco

Abstract

(Disponible en idioma inglés únicamente) Desarrollamos un modelo en el que la elasticidad del crédito a las sacudidas exógenas depende de la regulación de los derechos de los acreedores. Mostramos que un aumento de la protección a los acreedores reduce la elasticidad de la oferta de crédito a sacudidas exógenas, y de ahí la amplitud del ciclo crediticio. Se emplea un conjunto externo de una medida de protección de derechos de los acreedores en el ánimo de La Porta y otros (1998), hallamos que una regulación más estricta de los derechos de los acreedores no sólo hace aumentar la amplitud del mercado crediticio, sino que además reduce la inestabilidad del ciclo crediticio.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4250.

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Date of creation: Apr 2001
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Handle: RePEc:idb:wpaper:4250

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  1. Simon Johnson & Peter Boone & Alasdair Breach & Eric Friedman, 1999. "Corporate Governance in the Asian Financial Crisis," William Davidson Institute Working Papers Series 297, William Davidson Institute at the University of Michigan.
  2. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September.
  3. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
  4. Ben S. Bernanke & Cara S. Lown, 1991. "The Credit Crunch," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 205-248.
  5. Angbazo, Lazarus, 1997. "Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking," Journal of Banking & Finance, Elsevier, vol. 21(1), pages 55-87, January.
  6. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
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