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Crédito bancario a pequeñas y medianas empresas: el papel de la protección al acreedor

Author

Listed:
  • Arturo Galindo
  • Alejandro Micco
Abstract
(Disponible en idioma inglés únicamente) En este trabajo se desarrolla un modelo que muestra que los mecanismos ineficaces de protección jurídica hacen aumentar de manera desproporcionada las restricciones financieras a los acreedores de menor capacidad financiera. Debido al equilibrio de los costos fijos de monitoreo, los bancos no hacen el seguimiento de empresas pequeñas, por lo que éstas terminan adoptando tecnologías riesgosas que conllevan una mayor probabilidad de insolvencia. Esto significa que las ineficiencias de los procedimientos de insolvencia acaban por tener efectos mayores sobre las empresas pequeñas que sobre las de mayor tamaño. En este trabajo empleamos una encuesta entre compañías de 62 países de todo el mundo (WBES), así como técnicas econométricas, para manejar componentes observados y no observados específicos de cada país, así como la naturaleza endógena parcial, para analizar el papel que desempeña la protección al acreedor en el acceso de las pequeñas y medianas empresas al crédito bancario. Se descubre que una mejor protección a los acreedores reduce la brecha de financiamiento entre las pequeñas y grandes empresas.

Suggested Citation

  • Arturo Galindo & Alejandro Micco, 2005. "Crédito bancario a pequeñas y medianas empresas: el papel de la protección al acreedor," Research Department Publications 4400, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4400
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    References listed on IDEAS

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