A nova lei de falências brasileira: primeiros impactos

The goal of this paper is to analyze the premiere effects of the New Brazilian Bankruptcy Law, measuring its impact over the amount of bankruptcies and judicial reorganizations, and the firms' access to credit. Making use of econometric models we find that the amount of bankruptcies (requested and decreed) suffered a strong and immediate impact, reducing it in a significant way as well as the requirement of judicial reorganizations. Finally, using sectorial aggregated credit data, we find an expansion of the credit market, mainly to commercial, rural and services sectors. Additionally we did not evidence changes at the average interest rate charged to firms.