01984cas a2200253 a 4500 AALejournalIMF007083 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455220991 1018-5941 BD-DhAAL BD-DhAAL Schmieder, Philipp. The Impact of Legislation on Credit Risk-Comparative Evidence From the United States, the United Kingdom and Germany / Philipp Schmieder, Christian Schmieder. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (53 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This study investigates the link between bankruptcy and security legislation and potential credit losses faced by banks based on a cross-country study for the United States (US), the United Kingdom (UK) and Germany. Focusing on corporate credit, we find that legislation produces the highest credit risk in the US, followed by Germany, while UK law is found to be most favorable for banks. US banks gains from the higher number of informal restructurings (without losses) but lose from the low level of recovery in formal proceedings. German banks demand more credit risk mitigants than UK and US banks do, but still recover less than do UK banks. To be at par with UK banks, US banks would have to recover more than twice as much in formal proceedings, while German proceedings would have to be shortened by about one half. Mode of access: Internet Schmieder, Christian. IMF Working Papers; Working Paper ; No. 2011/055 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/055/001.2011.issue-055-en.xml IMF e-Library