NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

João Manoel de Mello

PUC-Rio

E-Mail: joaompm@insper.edu.br

NBER Working Papers and Publications

July 2010Assessing São Paulo's Large Drop in Homicides: The Role of Demography and Policy Interventions
with Alexandre Schneider
in The Economics of Crime: Lessons for and from Latin America, Rafael Di Tella, Sebastian Edwards, and Ernesto Schargrodsky, editors
May 2006Judicial Risk and Credit Market Performance: Micro Evidence from Brazilian Payroll Loans
with Ana Carla A. Costa: w12252
A large body of literature has stressed the institution-development nexus as critical in explaining differences in countries%u2019 economic performance. The empirical evidence, however, has been mainly at the aggregate level, associating macro performance with measures of quality of institutions. This paper, by relating a judicial decision on the legality of payroll loans in Brazil to bank-level decision variables, provides micro evidence on how creditor legal protection affects market performance. Payroll loans are personal loans with principal and interests payments directly deducted from the borrowers%u2019 payroll check, which, in practice, makes a collateral out of future income. In June 2004, a high-level federal court upheld a regional court ruling that had declared payroll deductio...
 
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