| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11840 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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