O impacto da Nova Lei De Falências no mercado de crédito Brasileiro

Abstract

The aimof this paper is to evaluate the changes in Brazilian creditmarket due to the new bankruptcy law, pointing out their impact on default rates, bank spreads, credit volume, and em umber of bankruptcies. For that purpose, we used credit market time series available by the Brazilian Central Bank during the period of 2000 to 2012, and we evaluated the impact using linear regressions and a method of endogenous breaks. The results indicate that besides the reduction in bankruptcy, the new law had a significant impact on credit concessions to corporations, although the total volume of credit has not been affected. The results also show that the law was not effective in reducing default and interest rates.