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Celeridade do Sistema Judiciário e Créditos Bancários para as Indústrias de Transformação

Author

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  • Jacopo Ponticelli
  • Leonardo S. Alencar

Abstract

We study the role of court enforcement in shaping the impact of a financial reform on bank loans. We use micro-data on loans to manufacturing firms from the National Credit Registry of the Central Bank of Brazil matched with a measure of court congestion at judicial district level. We find that, after the introduction of a pro-creditor bankruptcy reform, loans issued to borrowers located in judicial districts with less congested courts experienced larger growth, lower interest rate, longer maturity, and lower physical collateral-to-loan ratios. Besides, the results suggest that, after the reform, small and medium size firms are those which benefited more from less congested courts.

Suggested Citation

  • Jacopo Ponticelli & Leonardo S. Alencar, 2013. "Celeridade do Sistema Judiciário e Créditos Bancários para as Indústrias de Transformação," Working Papers Series 327, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:327
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/TD327.pdf
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    Cited by:

    1. Fabia A. de Carvalho & Marcos R. de Castro, 2015. "Macroprudential and Monetary Policy Interaction: a Brazilian perspective," Working Papers Series 405, Central Bank of Brazil, Research Department.
    2. Machado, Vicente da Gama & Portugal, Marcelo Savino, 2014. "Measuring inflation persistence in Brazil using a multivariate model," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 68(2), June.

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