Bank credit to small and medium sized enterprises: the role of creditor protection
We develop a model that shows that inefficient legal protections, disproportionately increase financial restrictions for debtors that have less wealth. Due to fixed monitoring costs in equilibrium banks will not monitor small firms and therefore these firms will adopt risky technologies that imply a...
- Autores:
-
Galindo Andrade, Arturo José
Micco, Alejandro
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2005
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/7961
- Acceso en línea:
- http://hdl.handle.net/1992/7961
- Palabra clave:
- Law and finance
Credit
Small and medium size enterprises
Crédito comercial - Investigaciones - Modelos econométricos
Préstamos bancarios - Investigaciones - Modelos econométricos
Pequeña y mediana empresa - Financiación - Modelos econométricos
Deudor y acreedor - Investigaciones
Riesgo (Finanzas) - Investigaciones
Derecho comercial
G2, G3, G10, K4
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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| dc.title.none.fl_str_mv |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| dc.title.alternative.none.fl_str_mv |
Crédito bancario a firmas pequeñas y medianas: la importancia de la protección de los derechos de los acreedores |
| title |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| spellingShingle |
Bank credit to small and medium sized enterprises: the role of creditor protection Law and finance Credit Small and medium size enterprises Crédito comercial - Investigaciones - Modelos econométricos Préstamos bancarios - Investigaciones - Modelos econométricos Pequeña y mediana empresa - Financiación - Modelos econométricos Deudor y acreedor - Investigaciones Riesgo (Finanzas) - Investigaciones Derecho comercial G2, G3, G10, K4 |
| title_short |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| title_full |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| title_fullStr |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| title_full_unstemmed |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| title_sort |
Bank credit to small and medium sized enterprises: the role of creditor protection |
| dc.creator.fl_str_mv |
Galindo Andrade, Arturo José Micco, Alejandro |
| dc.contributor.author.none.fl_str_mv |
Galindo Andrade, Arturo José Micco, Alejandro |
| dc.subject.keyword.none.fl_str_mv |
Law and finance Credit Small and medium size enterprises |
| topic |
Law and finance Credit Small and medium size enterprises Crédito comercial - Investigaciones - Modelos econométricos Préstamos bancarios - Investigaciones - Modelos econométricos Pequeña y mediana empresa - Financiación - Modelos econométricos Deudor y acreedor - Investigaciones Riesgo (Finanzas) - Investigaciones Derecho comercial G2, G3, G10, K4 |
| dc.subject.armarc.none.fl_str_mv |
Crédito comercial - Investigaciones - Modelos econométricos Préstamos bancarios - Investigaciones - Modelos econométricos Pequeña y mediana empresa - Financiación - Modelos econométricos Deudor y acreedor - Investigaciones Riesgo (Finanzas) - Investigaciones Derecho comercial |
| dc.subject.jel.none.fl_str_mv |
G2, G3, G10, K4 |
| description |
We develop a model that shows that inefficient legal protections, disproportionately increase financial restrictions for debtors that have less wealth. Due to fixed monitoring costs in equilibrium banks will not monitor small firms and therefore these firms will adopt risky technologies that imply a higher probability of bankruptcy. This implies that inefficiencies in the bankruptcy procedure will have a greater effect on small firms vis a vis large ones. Using a survey of firms in 62 countries around the world (WBES) and econometric techniques that allow us to deal with observed and unobserved country specific components as well as with partial endogeneity, we explore the role of creditor protection on small and medium-size enterprises' access to bank credit. We find that better protection of creditors reduces the financing gap between small and large firms. |
| publishDate |
2005 |
| dc.date.issued.none.fl_str_mv |
2005 |
| dc.date.accessioned.none.fl_str_mv |
2018-09-27T16:49:45Z |
| dc.date.available.none.fl_str_mv |
2018-09-27T16:49:45Z |
| dc.type.spa.fl_str_mv |
Documento de trabajo |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/resource_type/c_8042 |
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Text |
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https://purl.org/redcol/resource_type/WP |
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http://purl.org/coar/resource_type/c_8042 |
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1657-7554 |
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http://hdl.handle.net/1992/7961 |
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1657-7191 |
| dc.identifier.doi.none.fl_str_mv |
10.57784/1992/7961 |
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instname:Universidad de los Andes |
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reponame:Repositorio Institucional Séneca |
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repourl:https://repositorio.uniandes.edu.co/ |
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1657-7554 1657-7191 10.57784/1992/7961 instname:Universidad de los Andes reponame:Repositorio Institucional Séneca repourl:https://repositorio.uniandes.edu.co/ |
| url |
http://hdl.handle.net/1992/7961 |
| dc.language.iso.none.fl_str_mv |
eng |
| language |
eng |
| dc.relation.ispartofseries.none.fl_str_mv |
Documentos CEDE No. 53 Septiembre de 2005 |
| dc.relation.repec.spa.fl_str_mv |
https://ideas.repec.org/p/col/000089/002049.html |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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info:eu-repo/semantics/openAccess |
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openAccess |
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36 páginas |
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application/pdf |
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Universidad de los Andes, Facultad de Economía, CEDE |
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Universidad de los Andes, Facultad de Economía, CEDE |
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Universidad de los Andes |
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Galindo Andrade, Arturo Joséacf6b8e5-14ee-4a60-a3b5-17515fa81421600Micco, Alejandrof7818ee8-b22f-4afd-9243-6bd58af93eca6002018-09-27T16:49:45Z2018-09-27T16:49:45Z20051657-7554http://hdl.handle.net/1992/79611657-719110.57784/1992/7961instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/We develop a model that shows that inefficient legal protections, disproportionately increase financial restrictions for debtors that have less wealth. Due to fixed monitoring costs in equilibrium banks will not monitor small firms and therefore these firms will adopt risky technologies that imply a higher probability of bankruptcy. This implies that inefficiencies in the bankruptcy procedure will have a greater effect on small firms vis a vis large ones. Using a survey of firms in 62 countries around the world (WBES) and econometric techniques that allow us to deal with observed and unobserved country specific components as well as with partial endogeneity, we explore the role of creditor protection on small and medium-size enterprises' access to bank credit. We find that better protection of creditors reduces the financing gap between small and large firms.Desarrollamos un modelo que muestra que fallas en la protección de los derechos de los acreedores incrementan las restricciones financieras que enfrentan los deudores más pequeños. Debido a la existencia de costos fijos de monitoreo, en equilibrio los bancos no monitorean a las firmas pequeñas y estas adoptan tecnologías más riesgosas con mayor probabilidad de bancarrota. Esto implica que las ineficiencias en el proceso de bancarrota afectan más a las firmas pequeñas que a las grandes. Utilizando una encuesta de firmas en 62 países del mundo y técnicas econométricas que permiten lidiar con componentes observables y no observables específicos a cada país, así como con problemas de endogeneidad, exploramos empíricamente el impacto de la protección de los acreedores sobre el financiamiento a la pequeña y mediana empresa. Encontramos que mejoras en la protección de los acreedores reducen la brecha de financiamiento entre empresas grandes y pequeñas.36 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 53 Septiembre de 2005https://ideas.repec.org/p/col/000089/002049.htmlBank credit to small and medium sized enterprises: the role of creditor protectionCrédito bancario a firmas pequeñas y medianas: la importancia de la protección de los derechos de los acreedoresDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPLaw and financeCreditSmall and medium size enterprisesCrédito comercial - Investigaciones - Modelos econométricosPréstamos bancarios - Investigaciones - Modelos econométricosPequeña y mediana empresa - Financiación - Modelos econométricosDeudor y acreedor - InvestigacionesRiesgo (Finanzas) - InvestigacionesDerecho comercialG2, G3, G10, K4Facultad de EconomíaPublicationTHUMBNAILdcede2005-53.pdf.jpgdcede2005-53.pdf.jpgIM Thumbnailimage/jpeg17736https://repositorio.uniandes.edu.co/bitstreams/dfbdc3e5-db8b-4cdd-8c18-bc81cd378b91/download5b953e2eb58bf299833a9280ce1a5782MD55TEXTdcede2005-53.pdf.txtdcede2005-53.pdf.txtExtracted texttext/plain84696https://repositorio.uniandes.edu.co/bitstreams/f06dd2f7-2405-482d-9a87-39e6794fa964/download9388fdb8443d64960d4450c91a701e92MD54ORIGINALdcede2005-53.pdfdcede2005-53.pdfapplication/pdf186742https://repositorio.uniandes.edu.co/bitstreams/5c2cbff6-ebd5-46a6-849b-e6cea665424b/download103eed6506e304bb88dbaa92e463b3a8MD511992/7961oai:repositorio.uniandes.edu.co:1992/79612024-06-04 15:37:36.107http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |