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

Jacopo Ponticelli () and Leonardo Alencar

No 327, Working Papers Series from Central Bank of Brazil, Research Department

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.

Date: 2013-10
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