1 Bankruptcy systems and insolvency systems are used interchangeably herein to describe such frameworks, unless otherwise specified.
2 Xavier Giné and Martin Kanz, “The Economic Effects of a Borrower Bailout: Evidence from an Emerging Market.” Review of Financial Studies 31, no. 5 (2018): 1752–83, https://academic.oup.com/rfs/article-abstract/31/5/1752/3954041?redirectedFrom=fulltext.
3 Aloisio P. Araujo, Rafael V. X. Ferreira, and Bruno Funchal, “The Brazilian Bankruptcy Law Experience,” Journal of Corporate Finance 18, no. 4 (2013): 994–1004, https://www.sciencedirect.com/science/article/abs/pii/S0929119912000326.
4 Julia Fonseca and Bernadus Van Doornik, “Financial Development and Labor Market Outcomes: Evidence from Brazil” (Working Paper 532, Research Department, Central Bank of Brazil, Brasília, 2020), https://www.bcb.gov.br/pec/wps/ingl/wps532.pdf.
5 Youngjae Lim and Chin Hee Hahn, “Bankruptcy Policy Reform and Total Factor Productivity Dynamics in Korea: Evidence from Macro Data” (NBER Working Paper 9810, National Bureau of Economic Research, Cambridge, MA, 2003), https://www.nber.org/system/files/working_papers/w9810/w9810.pdf; Julian Neira, “Bankruptcy and Cross-Country Differences in Productivity,” Journal of Economic Behavior and Organization 157 (January 2017): 359–81, https://www.sciencedirect.com/science/article/abs/pii/S0167268117301890.
6 See Viral V. Acharya and Krishnamurthy V. Subramanian, 2009, “Bankruptcy Codes and Innovation,” Review of Financial Studies 22, no. 12 (2009): 4949–88, https://academic.oup.com/rfs/article-abstract/22/12/4949/1576029.x; Aloisio P. Araujo, Rafael V. X. Ferreira, and Bruno Funchal, “The Brazilian Bankruptcy Law Experience,” Journal of Corporate Finance 18, no. 4 (2013): 994–1004, https://www.sciencedirect.com/science/article/abs/pii/S0929119912000326; Nico Dewaelheyns and Cynthia Van Hulle, “Internal Capital Markets and Capital Structure: Bank versus Internal Debt,” European Financial Management 16, no. 3 (2010): 345–73, https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1468-036X.2008.00457.x; Mario Gamboa-Cavazos and Frank Schneider, “Bankruptcy as a Legal Process” (working paper, Department of Economics, Harvard University, Cambridge, MA, 2007), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=979614; World Bank, “Debt Resolution and Business Exit: Insolvency Reform for Credit, Entrepreneurship, and Growth” (Viewpoint: Public Policy for the Private Sector, Trade and Competitiveness Global Practice, Note 343, World Bank, Washington, DC, 2014), https://documents1.worldbank.org/curated/en/912041468178733220/pdf/907590VIEWPOIN003430Debt0Resolution.pdf.
7 Xavier Giné and Inessa Love, “Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia” (Policy Research Working Paper 3970, World Bank, Washington, DC, 2006), https://openknowledge.worldbank.org/bitstream/handle/10986/8375/wps3970.pdf?sequence=1&isAllowed=y.
8 World Bank, “How Insolvency and Creditor-Debtor Regimes Can Help Address Nonperforming Loans” (Equitable Growth, Finance, and Institutions Note–Finance, World Bank, Washington, DC, 2021), http://hdl.handle.net/10986/35120.
9 World Bank, “How Insolvency and Creditor-Debtor Regimes Can Help Address Nonperforming Loans.”
10 Shon Gadgil, Bindu Ronald, and Lasya Vyakaranam, “Timely Resolution of Cases under the Insolvency and Bankruptcy Code,” Journal of Critical Reviews 6, no. 6 (2019): 156–67, https://www.bibliomed.org/mnsfulltext/197/197-1577636853.pdf?1639770423.
11 European Commission (EC), Business Dynamics: Start‐ups, Business Transfers, and Bankruptcy, Final Report (Brussels: Entrepreneurship Unit, Directorate-General for Enterprise and Industry, EC, 2011), https://www.slideshare.net/dispersium/business-dynamics-finalreporten.
12 John Armour and Simon F. Deakin, “Norms in Private Bankruptcy: The ‘London Approach’ to the Resolution of Financial Distress,” Journal of Corporate Law Studies 1, no. 1 (2001): 21–51. https://www.tandfonline.com/doi/abs/10.1080/14735970.2001.11419852.
13 Pen Kent, “The London Approach,” Quarterly Bulletin Q1 (March 1, 1993): 110–15, Bank of England, London, https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/1993/the-london-approach.pdf