This article studies the relationship between creditor protection and credit responses to macroeconomic shocks. Using a data set on legal determinants of finance in a panel of data on aggregate credit growth for 79 countries during 1990-2004, it is shown that credit is more responsive to external shocks in countries with weak legal creditor protection and weak enforcement. The results are statistically and economically significant and robust to alternative...
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INFORMACIÓN
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2007/09/01
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Artículo de periódico
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77548
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1
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1
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2013/05/27
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Disclosed
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Creditor protection and credit response to shocks
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creditor protection