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How much debtors’ punishment?

Aloisio Araujo and Bruno Funchal ()

No 1, Fucape Working Papers from Fucape Business School

Abstract: This study investigates the relationship between debtors? punishment and the credit market development. As the main goal we analyze empirically which is the optimal level of the debtors? punishment, providing the highest credit market development. Aligned with earlier theoretical findings from Dubey, Geanakoplos and Shubik (2005), we find that there is an intermediate level of debtors? punishment that maximizes the size of the private credit market.

Keywords: Credit; Bankruptcy; Personal Bankruptcy Law. (search for similar items in EconPapers)
Pages: 45
Date: 2008-11
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Published in Fucape Working Papers Novembro 2008

Downloads: (external link) Primeira Versão, 2008
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Working Paper: How much debtors' punishment? (2006) Downloads
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