Celeridade do Sistema Judiciário e Créditos Bancários para as Indústrias de Transformação
Jacopo Ponticelli () and
No 327, Working Papers Series from Central Bank of Brazil, Research Department
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.
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Persistent link: https://EconPapers.repec.org/RePEc:bcb:wpaper:327
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