Bankruptcy Law in Latin America: Past and Future

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dc.description.abstract This paper studies bankruptcy law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature 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. We follow this theoretical discussion with an empirical evaluation of the quality of current insolvency procedures in Latin America. We find that the region is governed by a set of laws that is inefficient even when compared with regions of lower per capita income. 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 components and possible effects. The appendix describes difficulties of the reform process in Brazil and lessons other Latin American countries can learn from it. en
dc.title Bankruptcy Law in Latin America: Past and Future en
dc.contributor.author Araújo, Aloisio
dc.contributor.author Funchal, Bruno
dc.date.accessioned 2014-11-17T01:54:21Z
dc.date.available 2014-11-17T01:54:21Z
dc.date.issued 2005-10
dc.identifier.issn 1529-7470
dc.identifier.uri http://hdl.handle.net/123456789/48741
lacea.language.supported en
dc.contributor.other Comments by Ronald Fischer and Sara G. Castellanos
dc.language.iso en
dc.publisher Brookings Institution Press
dc.subject Bankruptcy
dc.subject Financial economics
dc.subject Latin America
dc.subject Law and Economics
dc.subject Corporate finance
dc.type Article

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