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| Tekijä: | Djankov, S. McLiesh, C. Shleifer, A. |
| Otsikko: | Private credit in 129 countries |
| Lehti: | Journal of Financial Economics
2007 : MAY, VOL. 84:2, p. 299-329 |
| Asiasana: | investor protection debt credit legal systems international |
| Kieli: | eng |
| Tiivistelmä: | Based on data on legal creditor rights (hereafter as: crd-rts.) and private/public credit registries (here as: crd-regs.) in 129 countries, this paper explores cross-country determinants of private credit (as: prv-crd). It is shown through an analysis of legal reforms that credit rises after improvements in crd-rts. and in information sharing (here as: info-shrg). Crd-rts. are remarkably stable over time, contrary to the hypothesis that legal rules are converging. Finally, legal origins are an important determinant of both crd-rts. and info-shrg. institutions. It is suggested that public crd-regs. benefit prv-crd. markets in developing countries. |
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