DOMESTIC CREDITOR RIGHTS AND EXTERNAL PRIVATE DEBT

doi:10.1111/ecoj.12380

CORC > 上海财经大学 > 上海财经大学

	DOMESTIC CREDITOR RIGHTS AND EXTERNAL PRIVATE DEBT
	Fan, Haichao ; Gao, Xiang
刊名	ECONOMIC JOURNAL
	2017-11
卷号	127 期号:606 页码:2410-2440
ISSN号	0013-0133
DOI	10.1111/ecoj.12380
英文摘要	This article unbundles institutions protecting domestic and foreign creditors' rights. We estimate a negative relation between the degree of domestic rights protection and the external stock of private non-guaranteed debt in 85 developing countries. A supply-side explanation is that strong domestic protection supports reliable outside financing options for potential external debt defaulters; foreign investors anticipating this would tighten credit constraints ex ante. Then we formalise the argument in a private borrowing and default model, and show that centralisation is no longer necessarily welfare superior.
WOS研究方向	Business & Economics
语种	英语
出版者	WILEY
WOS记录号	WOS:000418017200007
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/851]
专题	上海财经大学
通讯作者	Gao, Xiang
作者单位	1.Fudan Univ, Shanghai, Peoples R China; 2.Shanghai Univ Finance & Econ, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Fan, Haichao,Gao, Xiang. DOMESTIC CREDITOR RIGHTS AND EXTERNAL PRIVATE DEBT[J]. ECONOMIC JOURNAL,2017,127(606):2410-2440.
APA	Fan, Haichao,&Gao, Xiang.(2017).DOMESTIC CREDITOR RIGHTS AND EXTERNAL PRIVATE DEBT.ECONOMIC JOURNAL,127(606),2410-2440.
MLA	Fan, Haichao,et al."DOMESTIC CREDITOR RIGHTS AND EXTERNAL PRIVATE DEBT".ECONOMIC JOURNAL 127.606(2017):2410-2440.