Past and future of the bankruptcy law in Brazil and Latin America

This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives associated with several aspects of bankruptcy laws and insolvency procedures in...

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Detalles Bibliográficos
Autores: Araújo, Aloísio Pessoa de, Funchal, Bruno
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2005
País:Brasil
Institución:Fundação Getulio Vargas (FGV)
Repositorio:Repositório Institucional do FGV (FGV Repositório Digital)
Idioma:inglés
OAI Identifier:oai:repositorio.fgv.br:10438/656
Acceso en línea:http://hdl.handle.net/10438/656
Access Level:acceso abierto
Palabra clave:Bankruptcy
Financial distress
Legal system
Law and economics
Economia
Falência
Direito e economia
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spelling Escolas::EPGEFGV2008-05-13T15:29:23Z2008-05-13T15:29:23Z2005-08-010104-8910http://hdl.handle.net/10438/656This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives associated with several aspects of bankruptcy laws and insolvency procedures in general, as well as the trade-offs involved. After this theoretical discussion, we evaluate empirically the current stage of the quality of insolvency procedures in Latin America using data from Doing Business and World Development Indicators, both from World Bank and International Financial Statistics from IMF. We find that the region is governed by an inefficient law, even when compared with regions of lower per capita income. As theoretical and econometric models predict, this inefficiency has severe consequences for credit markets and the cost of capital. Next, we focus on the recent Brazilian bankruptcy reform, analyzing its main changes and possible effects over the economic environment. The appendix describes difficulties of this process of reform in Brazil, and what other Latin American countries can possibly learn from it.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;599BankruptcyFinancial distressLegal systemLaw and economicsEconomiaFalênciaDireito e economiaEconomiaPast and future of the bankruptcy law in Brazil and Latin Americainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessAraújo, Aloísio Pessoa deFunchal, BrunoORIGINAL1922.pdfapplication/pdf641255https://repositorio.fgv.br/bitstreams/b33da474-296e-46b4-9779-b4f564c09207/download7973727a96c8ef94172cf6c5226b3dc0MD51TEXT1922.pdf.txt1922.pdf.txtExtracted texttext/plain101154https://repositorio.fgv.br/bitstreams/b02c0ddd-5680-49f7-865a-d74033102da6/downloadf928f860d999956fb0152762f826a975MD56THUMBNAIL1922.pdf.jpg1922.pdf.jpgGenerated Thumbnailimage/jpeg3233https://repositorio.fgv.br/bitstreams/c024478b-742f-46d8-8ad9-01e65612a58d/download894c37b3839a0867b9b4d9eab92fb7d8MD5710438/6562023-11-08 15:43:58.417open.accessoai:repositorio.fgv.br:10438/656https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T15:43:58Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.eng.fl_str_mv Past and future of the bankruptcy law in Brazil and Latin America
title Past and future of the bankruptcy law in Brazil and Latin America
spellingShingle Past and future of the bankruptcy law in Brazil and Latin America
Araújo, Aloísio Pessoa de
Bankruptcy
Financial distress
Legal system
Law and economics
Economia
Falência
Direito e economia
Economia
title_short Past and future of the bankruptcy law in Brazil and Latin America
title_full Past and future of the bankruptcy law in Brazil and Latin America
title_fullStr Past and future of the bankruptcy law in Brazil and Latin America
title_full_unstemmed Past and future of the bankruptcy law in Brazil and Latin America
title_sort Past and future of the bankruptcy law in Brazil and Latin America
dc.creator.none.fl_str_mv Araújo, Aloísio Pessoa de
Funchal, Bruno
author Araújo, Aloísio Pessoa de
author_facet Araújo, Aloísio Pessoa de
Funchal, Bruno
author_role author
author2 Funchal, Bruno
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.subject.eng.fl_str_mv Bankruptcy
Financial distress
Legal system
Law and economics
topic Bankruptcy
Financial distress
Legal system
Law and economics
Economia
Falência
Direito e economia
Economia
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Falência
Direito e economia
Economia
description This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives associated with several aspects of bankruptcy laws and insolvency procedures in general, as well as the trade-offs involved. After this theoretical discussion, we evaluate empirically the current stage of the quality of insolvency procedures in Latin America using data from Doing Business and World Development Indicators, both from World Bank and International Financial Statistics from IMF. We find that the region is governed by an inefficient law, even when compared with regions of lower per capita income. As theoretical and econometric models predict, this inefficiency has severe consequences for credit markets and the cost of capital. Next, we focus on the recent Brazilian bankruptcy reform, analyzing its main changes and possible effects over the economic environment. The appendix describes difficulties of this process of reform in Brazil, and what other Latin American countries can possibly learn from it.
publishDate 2005
dc.date.issued.fl_str_mv 2005-08-01
dc.date.accessioned.fl_str_mv 2008-05-13T15:29:23Z
dc.date.available.fl_str_mv 2008-05-13T15:29:23Z
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dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/656
dc.identifier.issn.none.fl_str_mv 0104-8910
identifier_str_mv 0104-8910
url http://hdl.handle.net/10438/656
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Ensaios Econômicos;599
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dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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