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Protección a los acreedores e inestabilidad del crédito

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Author Info
Arturo Galindo ()
Alejandro Micco

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Abstract

(Disponible en idioma inglés únicamente) En este trabajo se analiza la relación entre la protección a los acreedores y la inestabilidad del crédito. Durante la etapa negativa del ciclo económico, el crédito se contrae más en los países que cuentan con menos dispositivos de protección a los acreedores. A condiciones similares de sacudidas a negocios, el crédito es más inestable en países donde los acreedores cuentan con una protección de facto débil. Ponemos a prueba esta idea empleando un conjunto de datos sobre factores jurídicos determinantes de las finanzas, en un panel de datos sobre el crecimiento agregado del crédito de una muestra de 139 países durante el período 1990-2003. Hallamos apoyo al punto de vista de que una mejor protección jurídica reduce considerablemente los efectos de las sacudidas externas sobre el crédito. Los resultados son tanto estadística como económicamente significativos y valederos ante mediciones alternativas de protección a los acreedores, la inclusión de variables referidas a diversas etapas de desarrollo económico y el hecho de que nuestra muestra se ha limitado únicamente a países en desarrollo.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4402.

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Date of creation: Dec 2005
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Handle: RePEc:idb:wpaper:4402

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