“…The difficulty of existing legal and judicial systems endowed with the impartiality that guarantees the fulfillment of agreements can be considered a market failure (North, 1992), as well as the inexistence of consolidated, homogeneous, and presumable jurisprudence (Pinheiro, 2014). Such issues compromise economic development through high transaction costs expressed by legal uncertainty, which affects not only creditors, who may use unfair and opportunistic procedures, but also principals, either by the reduced offer of credit or by the practice of high bank spreads (Yeung, Silva, & Carvalho, 2014).…”