Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity

• 成果类型: Article
• 署名作者: Campello, Murillo; Larrain, Mauricio
• 署名单位: Cornell University; National Bureau of Economic Research; Columbia University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhv069
• 发表日期: 2016
• 页码: 349
• 关键词: debt

摘要

Recent reforms across Eastern European countries have given more flexibility and information to parties to engage in secured debt transactions. The menu of assets legally accepted as collateral was enlarged to include movable assets (e.g., machinery and equipment). Generalized difference-in-differences tests show that firms operating more movable assets borrowed more as a result. Those firms also invested more, hired more, and became more efficient and profitable following the changes in the contracting environment. The financial deepening we document triggered important reallocation effects: firms affected by the reforms increased their share of fixed assets and employment in the economy. (JEL G32, K22, O16)