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Credit Markets in Brazil: The Role of Judicial Enforcement and Other Institutions

  • Armando Castelar Pinneiro
  • Célia Cabral

Although much progress has been made in understanding the importance of institutional failure in explaining creditors` unwillingness to finance firms and individuals, the pertinent empirical literature still has an important shortcoming: it does not separate out the effects of legal protection, accounting standards and judicial enforcement. This paper tries to overcome this gap by analyzing the discrete effect of the quality of judicial enforcement on the performance of credit markets.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3066.

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Date of creation: Jun 1999
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Handle: RePEc:idb:wpaper:3066
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  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  2. Guinnane, T. & Banerjee, A. & Besley, T., 1993. "Thy Neighbor's Keeper: the Design of a Credit Cooperative with Theory and a Test," Papers 705, Yale - Economic Growth Center.
  3. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-50, July.
  4. Huppi, Monika & Feder, Gershon, 1990. "The Role of Groups and Credit Cooperatives in Rural Lending," World Bank Research Observer, World Bank Group, vol. 5(2), pages 187-204, July.
  5. Guinnane, T.W., 1992. "A Failed Institutional Transplant: Raiffeisen's Credit Cooperatives in Ireland, 1894-1914," Papers 165, Princeton, Woodrow Wilson School - Development Studies.
  6. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
  7. Tullio Jappelli & Marco Pagano, 1999. "Information Sharing in Credit Markets: International Evidence," Research Department Publications 3069, Inter-American Development Bank, Research Department.
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