Private Credit in 129 Countries
Simeon Djankov (),
Caralee McLiesh and
No 11078, NBER Working Papers from National Bureau of Economic Research, Inc
We investigate cross-country determinants of private credit, using new data on legal creditor rights and private and public credit registries in 129 countries. We find that both creditor protection through the legal system and information sharing institutions are associated with higher ratios of private credit to GDP, but that the former is relatively more important in the richer countries. An analysis of legal reforms also shows that improvements in creditor rights and in information sharing precede faster credit growth. We also find that creditor rights are extremely stable over time, contrary to the convergence hypothesis. Finally, we find that legal origins are an important determinant of both creditor rights and information sharing institutions.
JEL-codes: G3 G32 K22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc, nep-fin and nep-law
Note: AP CF EFG LE PE
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Published as Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007. "Private credit in 129 countries," Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
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