G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11840
DP11840 Democracy and Credit “Democracy Doesn`t Come Cheap” But At Least Credit to Its Corporations Will Be
Steven Ongena; Manthos Delis; Iftekhar Hasan
发表日期2017-02-07
出版年2017
语种英语
摘要Does democratization reduce the cost of credit? Using global syndicated loan data from 1984 to 2014, we show that democratization has a sizeable negative effect on loan spreads: a one point increase in the zero-to-ten Polity IV index of democracy shaves on average 21 basis points off spreads. Reversals to autocracy hike spreads more strongly. Our results are robust to the comprehensive inclusion of relevant controls, to the instrumentation with regional waves of democratization, and to a battery of sensitivity tests. We thus highlight the lower cost of loans as one relevant mechanism through which democratization may affect economic development.
主题Financial Economics
URLhttps://cepr.org/publications/dp11840
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/540653
推荐引用方式
GB/T 7714
Steven Ongena,Manthos Delis,Iftekhar Hasan. DP11840 Democracy and Credit “Democracy Doesn`t Come Cheap” But At Least Credit to Its Corporations Will Be. 2017.
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