| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8692 |
| DP8692 On the Non-Exclusivity of Loan Contracts: An Empirical Investigation | |
| Hans Degryse; Vasso Ioannidou | |
| 发表日期 | 2012-12-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Credit contracts are non-exclusive. A string of theoretical papers shows that nonexclusivity generates important negative contractual externalities. Employing a unique dataset, we identify how the contractual externality stemming from the non-exclusivity of credit contracts affects credit supply. In particular, using internal information on a creditor?s willingness to lend, we find that a creditor reduces its loan supply when a borrower initiates a loan at another creditor. Consistent with the theoretical literature on contractual externalities, the effect is more pronounced the larger the loans from the other creditor. We also find that the initial creditor?s willingness to lend does not change if its existing and future loans retain seniority over the other creditors? loans and are secured with assets whose value is high and stable over time. |
| 主题 | Financial Economics |
| 关键词 | Non-exclusivity Contractual externalities Credit supply Debt seniority |
| URL | https://cepr.org/publications/dp8692 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538071 |
| 推荐引用方式 GB/T 7714 | Hans Degryse,Vasso Ioannidou. DP8692 On the Non-Exclusivity of Loan Contracts: An Empirical Investigation. 2012. |
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