Collateral Constraints and Legal Protection of Lenders: A Macroeconomic Perspective

Takuma Kunieda and Akihisa Shibata

MPRA Paper from University Library of Munich, Germany

Abstract: We identify countries that establish collateral-based lending systems with a small-open-economy version of Nobuhiro Kiyotaki and John Moore’s (1997) model. We find that 47 countries in 1980s and 48 countries in 1990s out of 98 countries establish collateral-based lending systems. We also investigate the origin of collateral-based lending systems and find that if a country offers good legal protection for lenders, then a collateral-based lending system is more likely to be embedded in that country.

Keywords: Credit constraints; Collateral-based lending; Legal protection of lenders; Kiyotaki-Moore model (search for similar items in EconPapers)
JEL-codes: E10 E51 F41 K10 (search for similar items in EconPapers)
Date: 2011-09-29
New Economics Papers: this item is included in nep-dge and nep-mac
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