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American Economic Journal: Applied Economics: Vol. 1 No. 3 (July 2009)
AEJ: Applied Volume. 1, Issue 3 | 
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AEJ: Applied Forthcoming Articles
Legal Reform and Loan Repayment: The Microeconomic Impact of Debt Recovery Tribunals in India
Article Citation
Visaria, Sujata. 2009. "Legal Reform and Loan Repayment: The Microeconomic Impact of Debt Recovery Tribunals in India."
American Economic Journal: Applied Economics,
1(3): 59-81.
DOI: 10.1257/app.1.3.59
DOI: 10.1257/app.1.3.59
Abstract
In 1993, the Indian government introduced debt recovery tribunals
to speed up the resolution of debt recovery claims larger than
a threshold. This paper exploits the staggered introduction of tribunals
across states and the link between overdues and claim size
to implement a differences-in-differences strategy on project loan
data. It finds that the tribunals reduced delinquency for the average
loan by 28 percent. They also lowered the interest rates charged on
larger loans, holding constant borrower quality. This suggests that
the speedier processing of debt recovery suits can lower the cost of
credit. (JEL G21, K41, O16, O17)
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Authors
Visaria, Sujata (Boston U)
JEL Classifications
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
K41: Litigation Process
O16: Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O17: Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
K41: Litigation Process
O16: Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O17: Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
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