DOMESTIC CREDITOR RIGHTS AND EXTERNAL PRIVATE DEBT

被引:4
作者
Fan, Haichao
Gao, Xiang
机构
[1] Fudan Univ, Shanghai, Peoples R China
[2] Shanghai Univ Finance & Econ, Shanghai, Peoples R China
基金
中国国家自然科学基金;
关键词
SOVEREIGN DEBT; RISK; ENFORCEMENT; INEQUALITY; COST; LAW;
D O I
10.1111/ecoj.12380
中图分类号
F [经济];
学科分类号
02 ;
摘要
This article unbundles institutions protecting domestic and foreign creditors' rights. We estimate a negative relation between the degree of domestic rights protection and the external stock of private non-guaranteed debt in 85 developing countries. A supply-side explanation is that strong domestic protection supports reliable outside financing options for potential external debt defaulters; foreign investors anticipating this would tighten credit constraints ex ante. Then we formalise the argument in a private borrowing and default model, and show that centralisation is no longer necessarily welfare superior.
引用
收藏
页码:2410 / 2440
页数:31
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