| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19159 |
| 来源ID | Working Paper 19159 |
| Lending to Lemons: Landschafts-Credit in 18th Century Prussia | |
| Kirsten Wandschneider | |
| 发表日期 | 2013-06-28 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | The following paper describes the emergence of cooperative mortgage credit associations, called "Landschaften" in 18th century Prussia, and thereby tells the history of mortgage-covered bonds. Landschaften facilitated the refinancing of loans for Prussian estates by issuing covered bonds (Pfandbriefe) that were jointly backed by their members. They relied on dual recourse, cooperative structure, joint liability, and local administration to overcome asymmetric information problems related to lending. Their emergence serves as an example for financial innovation in historical mortgage markets. Pfandbriefe exist to this day and are known for their security. Their success goes back to some of the historical features. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19159 |
| 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/576834 |
| 推荐引用方式 GB/T 7714 | Kirsten Wandschneider. Lending to Lemons: Landschafts-Credit in 18th Century Prussia. 2013. |
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