How much debtors' punishment?
Main Author: | |
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Publication Date: | 2006 |
Other Authors: | |
Format: | Article |
Language: | eng |
Source: | Repositório Institucional do FGV (FGV Repositório Digital) |
Download full: | http://hdl.handle.net/10438/12996 |
Summary: | This paper investigates how the bankruptcy exemptions applied by the Personal Bankruptcy Law in each American state affect the aggregated leveI of individuaIs and small businesses' loans. Higher leveIs of bankruptcy exemptions imply in a lenient rule, motivating debtors to file for bankruptcy, what makes lenders worsen the terms of credito On the other hand, lower leveIs of exemptions imply in a harsh punishment to debtors, inhibiting their demand for credit fearing a possible bankruptcy by bad luck. Confirming the theoretical daims, empirical tests show the existence of a non-monotonic shape in the relationship between the bankruptcy exemptions and the amount of credit to individuaIs and small businesses, where the optimal leveI of exemptions should be neither too high nor too low. Since the majority of the states in V.S. do not apply the optimallevel, an intervention that brings the exemption leveI doser to the optimal one can be credit and welfare enhancing. |
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Funchal, BrunoAraújo, Aloísio Pessoa deEscolas::EPGEFGV2014-12-23T14:40:48Z2014-12-23T14:40:48Z2006-04-28http://hdl.handle.net/10438/12996This paper investigates how the bankruptcy exemptions applied by the Personal Bankruptcy Law in each American state affect the aggregated leveI of individuaIs and small businesses' loans. Higher leveIs of bankruptcy exemptions imply in a lenient rule, motivating debtors to file for bankruptcy, what makes lenders worsen the terms of credito On the other hand, lower leveIs of exemptions imply in a harsh punishment to debtors, inhibiting their demand for credit fearing a possible bankruptcy by bad luck. Confirming the theoretical daims, empirical tests show the existence of a non-monotonic shape in the relationship between the bankruptcy exemptions and the amount of credit to individuaIs and small businesses, where the optimal leveI of exemptions should be neither too high nor too low. Since the majority of the states in V.S. do not apply the optimallevel, an intervention that brings the exemption leveI doser to the optimal one can be credit and welfare enhancing.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaSeminários de Almoço da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessCreditPersonal bankruptcyEconomiaFalênciaCréditosHow much debtors' punishment?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000385152_f979h.pdf000385152_f979h.pdfapplication/pdf1535341http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/12996/1/000385152_f979h.pdfd6101063e705af862e74b54befc9bd30MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/12996/2/license.txtdfb340242cced38a6cca06c627998fa1MD52TEXT000385152_f979h.pdf.txt000385152_f979h.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
How much debtors' punishment? |
title |
How much debtors' punishment? |
spellingShingle |
How much debtors' punishment? Funchal, Bruno Credit Personal bankruptcy Economia Falência Créditos |
title_short |
How much debtors' punishment? |
title_full |
How much debtors' punishment? |
title_fullStr |
How much debtors' punishment? |
title_full_unstemmed |
How much debtors' punishment? |
title_sort |
How much debtors' punishment? |
author |
Funchal, Bruno |
author_facet |
Funchal, Bruno Araújo, Aloísio Pessoa de |
author_role |
author |
author2 |
Araújo, Aloísio Pessoa de |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Funchal, Bruno Araújo, Aloísio Pessoa de |
dc.subject.eng.fl_str_mv |
Credit Personal bankruptcy |
topic |
Credit Personal bankruptcy Economia Falência Créditos |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Falência Créditos |
description |
This paper investigates how the bankruptcy exemptions applied by the Personal Bankruptcy Law in each American state affect the aggregated leveI of individuaIs and small businesses' loans. Higher leveIs of bankruptcy exemptions imply in a lenient rule, motivating debtors to file for bankruptcy, what makes lenders worsen the terms of credito On the other hand, lower leveIs of exemptions imply in a harsh punishment to debtors, inhibiting their demand for credit fearing a possible bankruptcy by bad luck. Confirming the theoretical daims, empirical tests show the existence of a non-monotonic shape in the relationship between the bankruptcy exemptions and the amount of credit to individuaIs and small businesses, where the optimal leveI of exemptions should be neither too high nor too low. Since the majority of the states in V.S. do not apply the optimallevel, an intervention that brings the exemption leveI doser to the optimal one can be credit and welfare enhancing. |
publishDate |
2006 |
dc.date.issued.fl_str_mv |
2006-04-28 |
dc.date.accessioned.fl_str_mv |
2014-12-23T14:40:48Z |
dc.date.available.fl_str_mv |
2014-12-23T14:40:48Z |
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http://hdl.handle.net/10438/12996 |
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eng |
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eng |
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Seminários de Almoço da EPGE |
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openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
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Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
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