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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. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
  2. 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.
  3. 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.
  4. 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.
  5. Eric Friedman & Simon Johnson & Peter Boone & Alasdair Breach, 1999. "Corporate Governance in the Asian Financial Crisis," Departmental Working Papers 199920, Rutgers University, Department of Economics.
  6. Ben Bernanke & Mark Gertler & Simon Gilchrist, 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," NBER Working Papers 6455, National Bureau of Economic Research, Inc.
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