| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8874 |
| 来源ID | Working Paper 8874 |
| Informal Financial Networks: Theory and Evidence | |
| Mark J. Garmaise; Tobias J. Moskowitz | |
| 发表日期 | 2002-04-04 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We develop a model of informal financial networks and present corroborating evidence by studying the role of professional property brokers in the U.S. commercial real estate market. Our model demonstrates how service intermediaries, who do not supply finance themselves, can facilitate their clients' access to finance via repeated informal relationships with lenders. Empirically, we find that, controlling for endogenous broker selection, hiring a broker strikingly increases the probability of obtaining a bank loan from 40 to 58 percent. Our results demonstrate that even in the U.S., with its well-developed capital markets, informal networks play an important role in controlling access to finance. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w8874 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566481 |
| 推荐引用方式 GB/T 7714 | Mark J. Garmaise,Tobias J. Moskowitz. Informal Financial Networks: Theory and Evidence. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8874.pdf（415KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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