破产制度的经济影响：证据、挑战与机遇

THE ECONOMIC IMPACTSOF INSOLVENCY REGIMES Evidence, Challengesand Opportunities Antonia Menezes and Akvile GropperPublic Disclosure Authorized THE ECONOMIC IMPACTSOF INSOLVENCY REGIMES Evidence, Challengesand Opportunities Antonia Menezes and Akvile Gropper © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings,interpretations, and conclusions expressed in this work do not necessarily reflect the views of TheWorld Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data includedin this work and does not assume responsibility for any errors, omissions, or discrepancies in theinformation, or liability with respect to the use of or failure to use the information, methods, processes,or conclusions set forth. The boundaries, colors, denominations, links/footnotes and other informationshown in this work do not imply any judgment on the part of The World Bank concerning the legal statusof any territory or the endorsement or acceptance of such boundaries. The citation of works authoredby others does not mean the World Bank endorses the views expressed by those authors or the contentof their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of theprivileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination ofits knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as longas full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World BankPublications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover photo: © iStock TABLEOF CONTENTS Acknowledgements1 Abstract2 1. Introduction4 2.Context:Bridging the Knowledge Gap—Relevance toEmerging Markets and Developing Economies (EMDEs)6 3.Bird’s Eye View:Unpacking the Benefits of Effective InsolvencyFrameworks8 4. Challenges and Opportunities20 5. Conclusions22 Annexes24 References27 Acknowledgements This note updates the World Bank Group Insolvency and Debt ResolutionProgram’sViewpoint“Insolvency Reform for Credit,Entrepreneurship,andGrowth” July 2014 edition. The Viewpoint July 2014 edition was based onresearch undertaken for the team by Dr Natalie Mrockova, Merton College, theUniversity of Oxford and Professor Kristin van Zwieten, University of Oxford andauthored by Antonia Menezes. This revised note draws on further research by Professor Kristin van Zwieten.Thedevelopment of this publication was led by Antonia Menezes,SeniorFinancialSector Specialist,Finance,Competitiveness&Investment GlobalDepartment and Akvile Gropper, Senior Consultant, Finance, Competitiveness& Investment Global Department under the overall supervision and guidanceof Jean Pesme (Global Director in the Finance, Competitiveness & InvestmentGlobal Department) and Harish Natarajan (Practice Manager in the Finance,Competitiveness & Investment Global Department). We extend our gratitude tothe World Bank’s Insolvency & Debt Resolution team for their invaluable inputs:Fernando Dancausa, Andres Federico Martinez, Nina Mocheva, Sergio Muro, WillPaterson, Harry Lawless and Sasha Svyryba.Thanks to the various reviewerswho provided helpful guidance and substantive inputs, including Erik Feyen (LeadFinancial Sector Specialist, World Bank), Steve Kargman (Kargman Associates),Isfandyar Khan (Lead Financial Sector Specialist, World Bank), Klaus Adolfo Koch-Saldarriaga, (Senior Private Sector Development Specialist, World Bank), ElaineMacEachern (Senior Operations Officer, IFC), Martin Melecky (Lead Economist,World Bank), Gaurav Nayyar (Lead Economist, World Bank) and Matthew Saal(Principal Industry Specialist, IFC). This publication is supported by The State Secretariat for Economic Affairs(SECO), which implements Switzerland’s economic and trade policy measures forthe benefit of developing countries. It coordinates its activities with the SwissAgency for Development and Cooperation (SDC) and the Peace and HumanRights Division (PHRD) of the FDFA. The three administrative offices implementSwitzerland’s international cooperation together. For more information, visitwww.seco-cooperation.ch Abstract This note reviews empirical evidence on the impacts of insolvency regimes onentrepreneurship, access to credit, preservation of viable businesses and jobs,and other variables contributing to economic development. Its objective is toprovide policy makers with evidence to guide insolvency reforms that fosterpositive economic