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Análise Da Influência Da Lei De Falências E Da Eficiência Do Judiciário No Desenvolvimento Do Mercado De Crédito


  • Aloisio Araújo
  • Bruno Funchal


The present paper analyses the influence of the judiciary and bankruptcy law in the credit market and in the economic growth in differents regions of the world. This paper also criticizes the current "Law and Finance" theory, mainly the papers of La Porta et al (1997,1998) and Levine et al (2000) that analyze this relation in the linear form, loosing importants results that could be explained by the general equilibrium theory with incomplete markets and default. To analyzes all sets of countries we will use the traditional model of least squares, however the quantilic regression will be used to analyze specific groups of countries.

Suggested Citation

  • Aloisio Araújo & Bruno Funchal, 2004. "Análise Da Influência Da Lei De Falências E Da Eficiência Do Judiciário No Desenvolvimento Do Mercado De Crédito," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 062, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2004:062

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    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium


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